Complying with the Revenue Recognition Standard | Other Finance & Accounting Online Course by Udemy

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This course is the first in a series on the new income recognition standard.

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Complying with the Revenue Recognition Standard

This course is the first in a series on the Topic 606 revenue recognition standard. 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. 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 affects all entities (public, private, and not-for-profit) that have contracts with customers. Exclusions include: Leases accounted for under FASB Accounting Standards Codification (ASC) 840,Leases;Insurance contracts accounted for under FASB ASC 944,Financial ServicesInsurance;Most financial instruments, and guarantees (other than product or service warranties).Transaction and industry specific revenue recognition guidance is eliminated. It is replaced with a principle based approach for determining revenue recognition. The new standard requires significantly more disclosure than previous generally accepted accounting principles (GAAP).

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