Register Online - Add to Cart

Credits

Sponsored by Lorman Education
Product ID: 405165EAU
 
Credit & Course Provided by:

New Revenue Standard and Implementation Approach

OnDemand Webinar (119 minutes)

Gain a better understanding of the rules for revenue recognition under GAAP, as well as current issues companies are facing with this new revenue standard.Revenue is one of the most important financial statement measures to both preparers and users of financial statements in assessing an entity's financial performance and position. Generally accepted accounting principles in the United States (U.S. GAAP) comprised broad revenue recognition concepts and numerous requirements for particular industries or transactions that could result in different accounting for economically similar transactions. In addition, U.S. GAAP differed from International Financial Reporting Standards (IFRS) and both needed improvement. In May 2014, the Financial Accounting Standards Board issued ASC Topic 606, Revenue from Contracts with Customers, and ASC Subtopic 340-40, Other Assets and Deferred Costs; Contracts with Customers, and the International Accounting Standards Board issued IFRS 15, Revenue from Contracts with Customers, to improve financial reporting by creating common revenue guidance for U.S. GAAP and IFRS. The core principle of the new revenue guidance is that entities should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

Authors

Robert Luman, Moss Adams LLP Dee Mirando-Gould, Moss Adams LLP

Agenda

Introduction

• Importance of Revenue

• Why Did the FASB Develop a Single Revenue Standard?

• Effective Date and Transition Methods

Overview of ASC Topic 606

• Scope

• Applying the Five-Step Model

- Identify the Contract With the Customer

- Identify the Performance Obligations in the Contract

- Determine the Transaction Price

- Allocate the Transaction Price to Performance Obligations

- Recognize Revenue When (or as) Performance Obligations Are Satisfied

• Principal vs. Agent Considerations

• Licensing

• Contract Costs

Implementation Considerations and Insights

• Key Planning and Assessment Activities

- Performing Initial Contract Analysis

- Assessing Potential System Impacts

- Determining Transition Method

- The Importance of Project Management

- Working With Auditors

- Managing the Transition Within Your Organization

• Key Implementation Activities

- Performing Expanded Contract Analysis

- Assessing Process and Internal Controls Impacts

- Assessing Financial Reporting Impacts

- Communicating Changes to Stakeholders

- Other Considerations

Additional Formats

Audio & Reference ManualMore Info
MP3 DownloadMore Info