Revenue Recognition: Mastering the New FASB Requirements
Joann Noe Cross,
University of Wisconsin-Oshkosh
With the issuance of FASB Accounting Standard Update 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. Supported by practical examples, the course will help you avoid revenue recognition traps and provide you with the latest FASB guidance. You’ll also understand how the new guidance impacts certain industries as a result of new criteria for recognizing revenue and changes in disclosure requirements.