This course provides an overview of the revenue recognition standard prescribed by the Financial Accounting Standards Board (FASB) issued in May 2014. The standard was effective for public business entities for annual reporting periods after December 1, 2017, including interim periods within that reporting period. For calendar year public filers, these entities implemented the new standard starting in 2018.
Course Publication Date:
December 07, 2024
This course is available with
NO ADDITIONAL FEE if you have an active
self study membership or
all access membership or can be purchased for
$40.00!
| Author: | Kelen Camehl |
| Course No: | ACT-REVREG-8054 |
| Recommended CPE: | 4.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Overview |
| Prerequisites: | None |
| Advanced Preparation: | None |
| Recommended Field of Study: | Accounting
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Learning Objectives
- Recognize how the revenue recognition standard was developed between the FASB and IASB.
- List the five steps involved in the revenue recognition model.
- Recognize the considerations involved in identifying whether a contract exists.
- Identify the considerations involved with measuring the transaction price.
- Recognize the steps involved in allocating the transaction price to performance obligations.
- Identify presentation issues with respect to contract assets and contract liabilities.
- Understand the overall disclosure requirements.
- Recognize key amendments from ASUs which have impacted revenue recognition.
- Recognize top challenges companies face when recording revenue.