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Course Details

Revenue Recognition Principles (Course Id 1009)

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Author : Kelen Camehl, CPA, MBA
Status : Production
CPE Credits : 3.5
IRS Credits : 0
Price : $34.95
Passing Score : 70%
Primary Subject-Field Of Study:

Accounting - Accounting and Auditing for Course Id 1009

Description :

This course provides an overview of the new revenue recognition standards prescribed by the Financial Accounting Standards Board (FASB) issued in May 2014. The new standards are 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 will need to implement the new standards starting in 2018.

Usage Rank : 0
Release : 2016
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 13-Jun-2016
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - NASBA Registry - 1009

Keywords : Accounting, Revenue, Recognition, Principles, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

Upon completion of this course, you will be able to:
    Recognize how the new revenue recognition standards were developed between the FASB and IASB
    List the five steps involved in the new 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 and transition methods related to the new standards
    Recognize key amendments from ASUs issued subsequent to the initial release of the new revenue recognition standards
Course Contents :

Chapter1-Revenue Recognition Principle

Course Learning Objectives

Introduction

Why the Change in the Revenue Recognition Standards

Evolution of the Revenue Recognition Standard

Scope of the New Revenue Recognition Standards

The Main Provisions

Review Questions

 

Step 1: Identify the Contract(s) with a Customer

Step 2: Identify the Performance Obligations in the Contract

Review Questions

 

Step 3: Determine the Transaction Price

Step 4: Allocate Transaction Price to Performance Obligations

Review Questions

 

Step 5: Recognize Revenue When (or as) the Entity Satisfies a Performance Obligation

Financial Statement Presentation Issues

Disclosure Requirements

Transition Guidance

Review Questions

 

Recent Developments

Review Questions

 

Glossary of Key Terms

Accounting Course 1009 Home: https://www.cpethink.com/accounting-cpa-courses
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