The ASU 2014-09, Revenue from Contracts with Customers, standard eliminates the transaction- and industry-specific revenue recognition guidance under previous U.S. GAAP and replaced it with a principle based approach for determining revenue recognition. This standard has the potential to affect every contractor’s day-to-day accounting. The AICPA has formed sixteen industry task forces to help develop a new Accounting Guide on Revenue Recognition that will provide helpful hints and illustrative examples for how to apply the new Revenue Recognition Standard. This seminar will identify the effects of ASU 2014-09 on construction contractors and will provide practice examples that apply the guidance currently available from the AICPA Construction Industry Transition Task Force. It will also consider ASUs issued after 2014 which amend and clarify the guidance in the original standard.
Instructor: Susan Longo, CPA, MBA
Instructor assignments are fluid and subject to change.