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| Author : | Kelen Camehl, CPA, MBA |
| Course Length : | Pages: 13 ||| Review Questions: 3 ||| Final Exam Questions: 5 |
| CPE Credits : | 1.0 |
| IRS Credits : | 0 |
| Price : | $12.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - Technical - NASBA Registry |
| Primary Subject-Field Of Study: | Accounting - Accounting for Course Id 1930 |
| Description : | This course provides an overview of the similarities and key differences between the revenue recognition standards issued by the FASB (ASC Topic 606) and the IASB (IFRS 15). While these standards are materially similar as the regulators worked jointly to issue the new converged standards, there are notable differences that are good to understand. However, this course is not intended to provide an exhaustive discussion of these differences. |
| Usage Rank : | 0 |
| Release : | 2021 |
| Version : | 1.0 |
| Prerequisites : | None. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Revenue Recognition
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 12-Dec-2022 |
| 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 - Text - Technical - NASBA Registry - 1930 |
| Keywords : | Accounting, Revenue, Recognition, US, GAAP, vs, IFRS, cpe, cpa, online course |
| Learning Objectives : |
Course Learning Objectives
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| Course Contents : | Chapter 1 - Revenue Recognition - U.S. GAAP vs. IFRS Course Learning Objectives Course Overview U.S. GAAP vs. IFRS – Why is it Important? U.S. GAAP vs. IFRS – Overall Differences & Similarities Revenue Recognition – Introduction Revenue Recognition – Key Principles Step 1: Identify the Contract(s) with a Customer Assessing Collectibility Step 2: Identify the Performance Obligations in the Contract Shipping and Handling Review Questions Step 3: Determine the Transaction Price Noncash Consideration Presentation of Sales Taxes Step 4: Allocate Transaction Price to Performance Obligations Step 5: Recognize Revenue When (or as) the Entity Satisfies a Performance Obligation Other Areas of Difference Impairment Reversal of Capitalized Contract Costs Intellectual Property Licensing Interim Disclosures Other Key Differences Review Questions Glossary of Key Terms |
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