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Tackling the New Revenue Recognition Model -- A Practical Comparison of Old and New Rules (RERE)

  • Format Live Seminar
  • Credits 8
  • Level Basic
  • Field of Study Accounting (8)

To register for a live seminar, visit the sponsoring state society’s website.

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Overview

The long-anticipated release of the new Revenue Recognition standard, Revenue from Contracts from Customers (ASC 606), was issued in May 2014. This new standard represents a fundamental change in a company’s approach to revenue recognition. In addition, other than some limited-scope exceptions, it applies to all companies and industries. However, since the new standard will not go into effect for public companies until fiscal years beginning after December 15, 2017 (and for private companies a year after that), this program will include present accounting guidance but also include an increased coverage of the new standard. This program will provide participants with practical guidance about how to work with the current concepts and principles of revenue recognition under GAAP. In addition, we will do a deep dive into the concepts and frameworks that are the basis for Revenue from Contracts with Customers. This new standard will be the same around the world (with a few exceptions) and will supersede all present accounting guidance for U.S. GAAP.

Major Topics

  • Changes in revenue recognition guidance
  • Economic approach to recognizing revenue for multiple element arrangements
  • Detailed analysis of ASU 2009-13, Revenue Recognition with Multiple Deliverables
  • Detailed analysis of ASC 606, Revenue from Contracts with Customers

Learning Objectives

  • Understand how the implementation of a more economic approach to revenue recognition changes accounting processes and reported results for companies (ASU 2009-13)
  • Understand the new revenue recognition standard and its impact on financial statements
  • Determine the impact of the new standard on revenue accounting processes and financial statements

Who should take this course:


Staff accountants who need to 'get up to speed' on the changes in revenue recognition; Controllers responsible for a unit’s financial statements; Accounting managers responsible for preparing financial statements; Finance staff who want a review of how fi

Basic understanding of current revenue recognition guidance

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