Revenue Recognition: Mastering the New FASB Requirements

118  |  TSCPA In Person Events  |  Intermediate  |  Scheduled

Description

The effective date of the new accounting standard for revenue recognition is fast approaching! With the issuance of FASB ASU No. 2014-09, Revenue from Contracts with Customers, FASB has completed a convergence project with the IASB to improve financial reporting by creating common revenue recognition guidance for U.S. GAAP and IFRS. For years, revenue recognition has been the cause of audit failures and the focus of corporate abuse and fraud allegations. This course will provide you with an in-depth understanding of the framework for revenue recognition built around the core principle that is applied in a five step process. In addition, understanding the changes and new requirements is critical for successful implementation of this new standard. Supported by practical examples, this course will assist you in avoiding revenue recognition traps and provide you with latest FASB guidance. In addition, you will understand how the new guidance impacts certain industries as a result of new criteria for recognizing revenue and changes in disclosure requirements.

Credits

Number of Credits Type of Credits
8 Accounting

Prerequisites

Experience in the application of accounting standards

Highlights

  • Background, purpose and main provisions of new standard
  • Transition guidance
  • Five-step process for recognizing revenue
  • Disclosure requirements
  • Implementation guidance - contracts, tax matters, internal controls and IT

Objectives

  • Recognize new revenue recognition principles
  • Identify appropriate revenue recognition decisions
  • Identify steps to take today to be prepared for future implementation

Prices

Member (Early Bird)
$295.00
Non-Member (Early Bird)
$395.00
Member
$345.00
Non-Member
$445.00
Your Price: $395.00

This is your base price and does not reflect any additional session fees, optional add-ons, or guest registrations. Early Bird rates will be applied to all registrations made prior to August 1, 2018. AICPA discount is included for eligible members.

Members log in and save $100.00 on this event. Not a member? join today.

Facilitators

Thomas Newell, CPA

Thomas (Tom) is a shareholder in the firm of Newell & Newell, P.C. located in Columbus, GA. Tom graduated cum laude from Georgia Southwestern College in Americus, GA in 1980. Tom started the firm with his wife Silvia Newell, CPA in 1986, prior to that his public accounting experience included both local firms and international firms. Tom is an active peer reviewer having performed over 200 reviews and has been involved with the peer review program since 1989.

Tom served on the Georgia Society peer review committees from 1989 to 1993, in 1993 Tom was selected to be one of the technical reviewers for the Georgia Society and served as a technical reviewer for the Georgia Society for 9 years. Tom has also served several years on the accounting and auditing committee at the Georgia Society. Tom has been a frequent speaker for the Georgia Society of CPAs at the Southeastern Accounting Show, Tax Forum (A&A topics) and the Accounting Institute. Tom is also a discussion leader for various continuing education courses on A&A topics of compilation and review, nonprofit, audit & accounting, and peer review.

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