|Author :||Jae K. Shim, Ph.D., CPA|
|CPE Credits :||5.0|
|IRS Credits :||0|
|Passing Score :||70%|
|Primary Subject-Field Of Study:||
Accounting - Accounting for Course Id 1181
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.
|Usage Rank :||0|
|Prerequisites :||General Accounting.|
|Experience Level :||Overview|
|Additional Contents :||Complete, no additional material needed.|
|Advance Preparation :||None.|
|Delivery Method :|
|Intended Participants :||Anyone needing Continuing Professional Education (CPE).|
|Revision Date :||10-Mar-2017|
|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 - 1181
|Keywords :||Accounting, Revenue, Recognition, New, Guidelines, 2016, cpe, cpa, online course|
|Learning Objectives :||
After studying this course, you will be able to:
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.
|Course Contents :||
Chapter 1 - Revenue Recognition: The New Guidelines
Course Learning Objectives
Why Did the FASB Issue This Accounting Standards Update?
Who Is Affected by the Amendments in ASC 606?
How Do the Provisions Differ from Current U.S. GAAP and Why Are They an Improvement?
How Do the Provisions Compared with IFRS?
When Will the Amendments Be Effective?
The Main Provisions
Step 1: Identify the Contract with a Customer
Step 2: Identify the Performance Obligations in the Contract
Step 3: Determine the Transaction Price
Step 4: Allocate the Transaction Price to the Performance Obligations in the Contract
Step 5: Recognize Revenue When (or As) the Entity Satisfies a Performance Obligation
Costs to Obtain or Fulfill a Contract with a Customer
Principal versus Agent Considerations