On May 28, 2014, after years of deliberations, the Financial Accounting Standards Board (the FASB) and the International Accounting Standards Board (the IASB) jointly issued the Accounting Standard Update (ASU) No. 2014-09. This new revenue recognition standard will replace virtually all revenue recognition guidance found in U.S. GAAP and IFRS, including the existing guidance found in Topic 605, Revenue Recognition.
The new revenue standard creates a single source of revenue guidance for all companies in all industries. This is a significant difference from the guidance used currently, which contains many instances of industry- or transaction-specific recommendations. This course reviews many of the new provisions.
Learning Objectives:
- Recognize which entities will be affected by the new revenue guidelines.
- Identify the implementation dates for public and nonpublic entities
- Recognize the steps involved in implementing the new revenue guidelines.
- Identify performance obligations and contract modifications.
- Recognize disclosure requirements for the new revenue guidelines.
Topics:
- Revenue Recognition: The New Guidelines - Section 1
- Revenue Recognition: The New Guidelines - Section 2
Category: Accounting
Delivery Method: Online
Level: Overview
Prerequisites: General Accounting
Passing Score: 70%
NASBA: Yes QAS Self Study
Author: Delta Publishing
ABOUT THE SUBJECT MATTER EXPERT:
Dr. Jae K. Shim is Professor of Business at California State University, Long Beach,
California. Dr. Shim received his MBA and Ph.D. degrees from the University of California at Berkeley (Haas School of Business.) He has co-authored over 50 professional business books and has been a consultant to commercial and nonprofit organizations for over 30 years.
