- NY Credits : 5.0
- TX Credits : 5.0
Revenue is one of the most important measures used by investors in assessing a company's performance and prospects; however, revenue recognition requirements in U.S. GAAP differed from those in IFRS in some important respects. This basic introduction of a comprehensive and converged standard on revenue recognition should better enable users to understand and consistently analyze an entity's revenue across industries, transactions, and geographies.
This course is most beneficial to professionals new to revenue recognition reporting who may be at the staff or entry level in organization but also for a seasoned professional with limited exposure to this subject.
Upon successful completion of this course, the user should be able to:
recognize the scope and application of ASU 2014-09,
identify the key terms and steps used in FASB ASC Topic 606,
recognize the criteria necessary for a contract to exit under Topic 606,
recognize the auditing standards that affect audit planning,
recognize the characteristics and implications of a performance obligation,
identify how transaction price is allocated to performance obligations,
recognize how and when revenue is recognized when the performance obligation is satisfied, and
identify the proper way of presenting and disclosing required information related to revenue recognition.