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FINANCIAL REPORTING AND ANALYSIS - 10 COURSE SERIES.
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Illumeo 5stepsreve

THE FIVE STEPS IN THE REVENUE RECOGNITION MODEL

CPE Processing Fee$24.00
Webinar TranscriptionN/A
Presentation Length Hour(s)2.0 hours
CPE Credits 2.0 hours
Subject Area 2.0 - Accounting
CE Credits 0.0 hours
Course LevelIntermediate
Instructional MethodQAS Self-Study
PrerequisitesNone
Advance PreparationNone
Recorded DateOctober 2, 2017
Date OfferedJanuary 25, 2018
Expiration DateJanuary 25, 2019
Course Description

On May 28, 2014, the Financial Accounting Standards Board (FASB) completed its Revenue Recognition project. It issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606).  The guidance establishes principles to report useful information to users of financial statements about the nature, timing, and uncertainty of revenue from contracts with customers. 

The standard outlines five steps for proper compliance.  At the surface, these steps seem simplistic.  However, there are many considerations that should be considered within each step based on your process and industry. 

This course is designed to provide an overview of the technical guidance and outline the five steps involved in the revenue recognition model.  We also explore some concepts to consider within each step and then evaluate some challenges that specific industries may have when complying with the standard. 

The standard affects all entities (public, private, and not-for-profit) that have contracts with customers. The new standard requires significantly more disclosure than previous generally accepted accounting principles (GAAP).

Learning Objectives


  • Identify the effective dates for the new revenue recognition standard.

  • Explore the need for the new revenue recognition standard.

  • Explore the new revenue recognition core principles and the five-step revenue model.

  • Identify the impact of the new revenue recognition standard on various revenue concepts.

  • Explore the impact of the revenue recognition standard on various industries.

Self-Study Course Instructions:

FOR DOCUMENT-BASED COURSES

Download the course document(s) (below) and follow prompts contained in the document.



FOR RECORDED COURSES WITH VIDEO

Download any course document(s) (below) which may include handouts, glossary, transcripts, etc. Follow any prompts contained in the documents to help you complete the course. Most documents are searchable.

Play the recording, noting the sectional guides indicating where topics on the agenda are covered and the prompts to pause video playback to respond to a review question (located below the video playback area). The timestamps for review questions are also noted below.

Upon completing the video and successfully answering all review questions, you will then take the final exam.

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Frequently Asked Questions
  • CPAacademy self-study courses are online.
  • The self-study format allows you to a) access the material online 24/7 and b) study at your own pace.
  • Per NASBA guidelines, you have one year from date of purchase to complete each program.
  • Complete your final exam at any time and get graded instantly. You can retake the exam at no additional charge (unlimited attempts).
  • Print your own certificate of completion on the spot upon passing the exam.
  • Grading policies: a) courses have a minimum passing score 70% b) test takers will not be provided feedback on failed exams.
  • Upon achieving a passing score, test takers will be notified of the correct answers to the questions missed.

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