Overview:
Revenue recognition is one of the most complex areas of financial reporting and accounts for the vast majority of restatements today. Accountants want to "get it right," but diverse historical practices and internal decision protocols can present serious hurdles. This seminar will help you understand:
- When to recognize revenue
- Transactions involving multiple deliverables
- Recognition and valuation issues
- Whether to record transactions at gross or net
- The FASB Revenue Recognition Project and the Joint FASB/IASB Exposure Draft
Objective:
To provide accountants and other financial professionals with an overview of GAAP relevant to revenue recognition and highlight common issues affecting revenue recognition. You'll acquire the skills to confidently deal with transactions and disclosures relating to revenues and related costs.
Emphasis:
- GAAP update: FASB Revenue Recognition Project, Joint FASB/IASB Exposure Draft and recent pronouncements
- Timing, recognition and deferral
- Bill and hold transactions, nonmonetary transactions
- Combining and segmenting contracts
- One-time payments, gift cards
- Gross vs. net
- Multiple deliverables
- Percentage of completion
- Sales incentives and warranties
- Standalone value
- VSOE (Vendor Specific Objective Evidence) and TPE (Third Party Evidence)
- Milestone Method
- Deferred taxes, materiality, fraud and abuse
- International convergence
