Peeling away financial reporting issues one layer at a time

Revenue Recognition: The New GAAP

 

The FASB is changing the way reporting entities in nearly every industry account for revenue under U.S. GAAP. The course covers the new and profoundly different fundamentals as well as key details and business considerations.

THE CORE REVENUE-RECOGNITION PRINCIPLE AND ITS APPLICATION

  • Identifying contracts with customers
  • Identifying separate performance obligations within a contract
  • Determining the transaction price of a contract
  • Allocating the transaction price of a contract to the contract’s separate performance obligations
  • Recognizing revenue as the entity satisfies each performance obligation

TRANSITION PLANNING

Advance planning is essential for an orderly and cost-effective transition to the new standard. In this session, you’ll explore the critical decisions and plans that help you to successfully manage your organization’s transition.

SPECIAL SITUATIONS AND KEY INDUSTRY EFFECTS

Many special situations complicate the recognition and measurement of revenue-related items under the FASB’s new standards. This module covers many practical examples, including the following:

  • Contract modifications
  • Warranties
  • Contract-related costs
  • Licenses
  • Services
  • Construction and other long-term contracts
  • Scope considerations

PRESENTATION OF REVENUE-RELATED ITEMS IN THE FINANCIAL STATEMENTS

As a result of changes to new ASC Topic 606, items related to revenue must be presented differently in the financial statements. This module focuses on the new presentation rules.

DISCLOSURES

The new standards require extensive quantitative and qualitative disclosures regarding revenue. Learn what the new requirements are and take away numerous examples that will save you time when composing your own disclosures.

BUSINESS IMPLICATIONS

The impact of changes to accounting standards for revenue will not be limited to the accounting department. Learn how the changes will affect:

  • Contract terms and conditions
  • Financial-statement analysis
  • Investor relations
  • Global operations

Tom.Selling@GroveSite.com