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GLOBAL ACCOUNTING & ADVISORY SERVICES
Revenue is one of the most important financial statement measures to both preparers and users of financial statements. It is used to measure and assess aspects of an entity’s past financial performance, future prospects, and financial health. Revenue recognition is therefore one of the accounting topics most scrutinized by investors and regulators.
The new revenue recognition standard, Revenue from contracts with customers, was issued by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) in May 2014 (ASC 606 and IFRS 15, respectively). This principles-based standard will replace industry-specific guidance, improving comparability across industries, within industries and throughout global capital markets. The extent of the impact will vary, but all companies will see some level of change, including additional estimates and judgments, new business processes and controls, and expanded disclosures.
This 2 days course will help you to practically understand the impacts of the new standard, changes to the way revenue is recognized. In addition it will highlight the broader impacts on other areas of the business, including go-to-market strategies, income taxes, compensation arrangements and debt covenants, among others. The course will also help you to learn the requirement to apply a single revenue recognition model to all contracts with customers, using the five-steps approach in addition to the practical application and implementation issues, disclosures and new controls to be in place.