In 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 was issued to 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 through 2016.
Course Publication Date: November 18, 2016
This course is available with NO ADDITIONAL FEE
if you have an active self study membership
or can be purchased for $45.00
|Delivery Method:||Self Study
|Level of Knowledge:||Overview
|Recommended Field of Study:||Accounting
- Recognize which entities will be affected by the new revenue guidelines.
- Identify the implementation dates for public and nonpublic entities.
- Recognize the significant difference between the new guidelines and current practice.
- Identify the difference between U.S. GAAP and IFRS.
- Recognize the steps involved in implementing the new revenue guidelines.
- Identify performance obligations and contract modifications.
- Recognize disclosure requirements for the new revenue guidelines.
- Identify the potential impact upon adoption of new revenue guidelines.