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This course provides an overview of the new revenue recognition standards prescribed by the Financial Accounting Standards Board (FASB) issued in May 2014. The new standards are effective for public business entities for annual reporting periods after December 1, 2017, including interim periods within that reporting period. For calendar year public filers, these entities will need to implement the new standards starting in 2018.

Learning Objectives

  • Recognize how the new revenue recognition standards were developed between the FASB and IASB.
  • Explore the list the five steps involved in the new revenue recognition model.
  • Recognize the considerations involved in identifying whether a contract exists.
  • Identify the considerations involved with measuring the transaction price.
  • Recognize the steps involved in allocating the transaction price to performance obligations.
  • Identify presentation issues with respect to contract assets and contract liabilities.
  • Discover and understand the overall disclosure requirements and transition methods related to the new standards.
  • Recognize key amendments from ASUs issued subsequent to the initial release of the new revenue recognition standards.
Last updated/reviewed: October 07, 2020

2 Reviews (2 ratings)Reviews

4
Member's Profile
Great course, very detailed and thorough in the presentation. I appreciated the structure and layout of the content which was very easy to read and follow. The main definitions were well called out and easy to identify for future reference.
5
Anonymous Author
Good summary for people able to self-study at self pace, nice to get 4 CPE credits at one shot, topic is a bit dry and video would be nice, but overall it worked for me.

Prerequisites

Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
SUPPORTING MATERIAL
  PDFRevenue Recognition Principles (Text Based Course)
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM