Revenue Recognition: Getting the New Standard Right

Previously Titled: Revenue Recognition: Getting It Right

Despite the robustness of revenue recognition procedures performed in every financial statement audit, revenue recognition has been the cause of audit failures and a means of hiding corporate abuse and fraud for many years. The new standard on revenue recognition, currently expected to be issued in the first/second quarter of 2013, is expected to create a single standard for all industries and converge the standards of U.S. GAAP and IFRS.

This standard has the potential to affect every entity’s day-to-day accounting as well as business contracting processes. While the revenue recognition standard is expected to be effective for annual periods beginning on or after January 1, 2017, the process of gaining an understanding of the changes and preparing for them begins now! This course will provide financial professionals with the necessary tools to understand what has changed and how to work with the new concepts and principles of revenue recognition. In addition, through practical examples allowing you to contrast the effects of alternative contract terms, this course will assist you in identifying implementation hurdles and avoiding revenue recognition traps.

Topics Discussed:

• Current Revenue Recognition Challenges
• SEC Guidance and Enforcement Frequency
• Likely Changes in Revenue Recognition for Certain Industries
• Multiple Deliverable Revenue Arrangements
• Proposed Contract Method
• Special Implementation Issues with Proposed Standard

Learning Objectives:

This course helps you to evaluate and implement the new revenue recognition principles.

Prerequisite: Experience in financial accounting and reporting

Advanced Preparation: None