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The Impact of Revenue Recognition Changes: ASU 2014-09 (Currently Unavailable)

CPE Credit:	2 hours for CPAs

Learn about the new professional standard from the FASB known as “Revenue Recognition” from the FASB’s “Big 3 Project” ,which represents significant changes in authoritative professional standards concerning revenue recognition, its 5 step core principles, and related revenue recognition topics. These topics represent “changes to changes” in revenue recognition. The subjects are explained, discussed, and illustrated for examples.

Publication Date: July 2017

Designed For
Professionals in public practice, industry, government, and education who deal with nonpublic entities and need a course in how to handle the major “FASB BIG 3” issue of Revenue Recognition (ASU 2014-09).

Topics Covered

For Revenue Recognition (ASU 2014-09) the 5 step core principles for revenue recognition will be examined
Issues in revenue recognition that involve principals' vs agents, timing, disclosures
Matters on reporting, disclosure, and measurements will be discussed
How small entities and large entities may be affected by the new standard
Revenue Recognition's effect on taxation, loan covenants, and other related issues are detailed

Learning Objectives

Identify the recently issued new FASB "Big 3 Project" issue of Revenue Recognition (ASU 2014-09)
Differentiate standards and its application will impact practically every professional accountant who deals with revenue recognition and accounting issues
Recognize effective dates and the deferral of effective dates are discussed
Identify the reporting requirements and the timing of revenue recognition will be explored
Describe the disclosure requirements for revenue recognition and other related matters will be examined
Recognize the steps in the revenue recognition model
Identify the proper steps an entity must take before they can appropriately identify performance obligations
Differentiate ASUs released by the FASB subsequent to the initial release of the new revenue recognition standards

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
None

Advance Preparation
None

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