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 webcast 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
Times:
Apr 3: 11:30 AM - 8:00 PM
All other dates: 8:30 AM - 5:00 PM
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:
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General Principles
– Evidence of arrangement
– Fixed and determinable fees
– Delivery or performance, collectibility - Timing, recognition and deferral
- Combining and segmenting contracts
- Gross vs. net
- Multiple deliverables
- Contract accounting: percentage of completion, completed contract, zero margin
- Sales incentives and warranties, bill and hold transactions, and software revenue recognition
- Relative Selling Price Method and standalone value
- VSOE (Vendor Specific Objective Evidence), TPE (Third Party Evidence) and ESP (Estimated Selling Price)
- Milestone Method
- GAAP update: FASB Revenue Recognition Project, Joint FASB/IASB Exposure Draft, recent updates and pronouncements, and international convergence
