In 2014, after years of deliberations, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) jointly issued Accounting Standard Update (ASU) No. 2014-09 (codified primarily in ASC 606) and IFRS 15, respectively. ASC 606 replaces virtually all U.S. GAAP revenue guidance, including industry-specific standards, with a single model.

The standard changes revenue amounts and timing and potentially affects organizations’ financial statements, business processes, and internal controls over financial reporting. Additionally, it impacts other accounting topics such as contract modification, rights of return, licensing, principal-versus-agent considerations, and income tax. Moreover, the standard introduces new and expanded disclosure requirements.

This course reorganizes the guidance contained in ASC 606 to align with the five-step revenue recognition model and other affected areas. It provides examples to illustrate its application and highlights key aspects of the revenue standard, including significant improvements over legacy revenue recognition literature, key changes in revenue recognition practices, the applicability of revenue guidelines, accounting policy elections, and practical expedients. The course also includes a summary of the five-step revenue recognition model and an overview of the differences between U.S. GAAP and IFRS.

Please note that this product will expire either on 09/30/2025 or one year from the date of purchase, whichever occurs first. Educator discounts do not apply to this product.