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Overview

This course provides an overview of the new revenue recognition standards prescribed by the Financial Accounting Standards Board (FASB) issued in May 2014 and phased in for reporting periods of 2017-2018.  These standards attempt to eliminate the inconsistencies and weaknesses by providing a comprehensive revenue recognition model that can be widely applied by 

  • Providing a more robust framework for addressing revenue recognition issues
  • Improving comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets
  • Simplifying the preparation of financial statements by reducing the amount of guidance to which entities must refer
  • Requiring enhanced disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized

CPE Acceptance

 

CPE Course For:

CPAs in most states (chart)
Other Professionals (chart)

Not Valid For:

AFSP
EA
Tax Preparer

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Online Course Materials

Fully online PDF materials included in course.

Login to your course to read online / print / save to local drive

Materials include:

  • Clickable table of contents
  • Learning objectives--each section
  • Review questions--each section
  • Answers to review questions + explanations
  • Glossary of terms used
  • Worksheets, forms and examples
  • Index with page numbers

* Fully searchable *

Details

Fun CPE Course #: KCX51022
Materials: Online materials
Format: Interactive self-study
Subject: Accounting
Exam questions:  Final-24 multiple choice
Document length:  65 pages
Passing score: 70% | Unlimited retakes
Prerequisites: None
Advance prep: None
Course level: Overview
Last reviewed/updated: 09/09/22
Expiration: One year from enrollment

Learning objectives

Upon completion of this course, you should be able to:

  • Recognize how the new revenue recognition standards were developed between the FASB and IASB
  • 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
  • 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