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Overview

8.0 Credits
ONLINE

For years, revenue recognition has been the cause of audit failures and the focus of corporate abuse and fraud allegations. Receive an in-depth understanding of the framework for revenue recognition built around the core principle that is applied in a five step process. In addition, understanding the changes and new requirements is critical for successful implementation of this new standard. Learn how to avoid revenue recognition traps with the latest FASB guidance.

Objectives

Identify relevant internal control procedures over revenues, cash, purchasing, payables, payroll, inventory, and fixed assets in small businesses

Major Topics

 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

Prerequisite

Experience in the application of accounting standards

Advanced Preparation

None

Sessions

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Monday, October 15, 2018

General Sessions