The FASB finalized the new revenue standard (“Revenue from Contracts with Customers”) in 2014 and after a multitude of “tweaks” from the FASB it will roll out for privately held businesses in calendar 2019 (already rolled out for publicly traded companies in 2018). While in the discussion leader’s opinion the standard will have minimal impact on the amount or timing of revenue, it does create a new “language” of revenue recognition that the practitioner will need to learn to speak. The emphasis of this class will be learning the “5 steps” of revenue recognition and the new terminology associated with each. It will be presented from the perspective of privately-owned sellers of inventory and services in a variety of industries normally served by local practitioners. Approximately 20 examples of revenue recognition scenarios are presented in a visual format with sample revenue disclosures for each in the full day class. A must for most practitioners, public and private! <?xml:namespace prefix="o" />
Recognize new revenue recognition principles. Identify appropriate revenue recognition decisions. Identify steps to take today to be prepared for future implementation.
Background, purpose, and main provisions of new standard Transition guidance 5-step process for recognizing revenue Disclosure requirements Implementation guidance - contracts, tax matters, internal controls, IT