Revenue is probably the most important number in the financial statements. This course provides a comprehensive analysis of ASU 2014-09 and its impact on your company and/or clients. The course guides CPAs through the new analysis, judgments, estimation and disclosures this will involve. (This course is available in a 4 and 8-hour format.)
Course ID: REVLEASE
Revenue Recognition: Practical Approaches to Implementation
- Understand the fundamental principles of the contract- based approach to revenue set out in ASU 2014-09 and subsequent updates
- Learn how to analyze contracts and account for them in terms of their performance obligations
- Study how basic guidance is interpreted in more complex transactions using extensive, real-life examples.
- Become aware of the multiple deliverables and percent of completion issues and their effect on revenue realization.
- Learn how the balance sheet treatment of leases will alter financial statement numbers, ratios, and loan covenants
- Become familiar with the right of use model for capitalizing leases
- Analyze industry specific implementation issues using FASB’s 5 step approach.
- Navigate through transition, disclosure and presentation challenges.
- Analyzing contracts using the five step model
- What can be learned from companies who have already implemented ASU 2014-09
- Multiple deliverables and contract separation
- Disclosures – a different approach
- Effective date and transition implications
- Capitalizing contract costs
- Industry-specific considerations in implementation
- Percent of completion and long term contracts
- Accounting for contract pricing uncertainties
Who Should Attend
Preparers and accountants in public practice who need to understand the new revenue reporting rules, their practical impact on a company’s performance, and financial reporting practices.
Fields of StudyAccounting
Prior learning or experience in revenue accounting