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Implementing the New Revenue Recognition Standard (INRS)

Customer Rating
Field of Study
Accounting
Level
Intermediate
Credits
8
Qualifies For
IRS CPE



Price:  $79.99
Whether you are ready or not, the effective date of the new revenue recognition standard is right around the corner. The time to execute your implementation plan is now. Are you ready? In this course, in addition to reviewing the five-step revenue recognition model and the recent Updates that impact the standard, we will explore some industry specific topics that have been challenging for entities adopting the new standard. Topics covered include identifying performance obligations, licenses, customer loyalty programs, other “material right” options, plus other transition issues such as the impact on income taxes and financial systems. As you sprint toward implementation, this course will help make sure that the wind stays at your back.

Additional information

Credits

8

Format

Self-Study Download

Company Code

Self Study

Yellow Book Approved

0

CFP Approved

0

IRS Approved

1

CTEC Approved

0

Field of Study Credits

Accounting (8)

Field of Study Department

Accounting

Course Version

2019-01

CPE Approved

1

Pre-requistes:

Experience in financial accounting and reporting

Knowledge Level:

Intermediate

Major Topics:

  • ASC Topic 606, Revenue from Contracts with Customers
  • The FASB’s new five-step revenue recognition model, including hands-on examples and illustrations of the new guidance
  • Operational issues related to implementation
  • Presentation and disclosure requirements
  • Recent ASUs that provide implementation guidance for the standard
  • Industry specific implementation issues and guidance
  • Identifying performance obligations
  • Accounting for licenses
  • Identifying a "material right" in an option

Learning Objectives:

  • Apply the FASB’s new revenue recognition guidance found in ASC Topic 606
  • Describe the FASB’s new five-step revenue recognition model
  • Identify operational implementation issues related to adopting the new standard
  • Discuss the presentation and disclosure requirements in the new standard
  • Utilize hands-on examples and illustrations to increase your overall understanding and application of the material
  • Comprehend industry and issue specific guidance related to revenue recognition

Designed For:

Practicing CPAs and their staffs, both in public accounting and business and industry -- controllers, accountants, and other financial accounting personnel involved in financial statement preparation and review
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