Join Moss Adams and learn more about the new revenue recognition standard and best practices on how to implement the standard, as well as common areas in which the new revenue recognition standard may impact your business.
In May 2014, the Financial Accounting Standards Board (FASB) issued accounting standards update 2014-09, Revenue from Contracts with Customers, Topic 606, which eliminated industry-specific revenue recognition guidance and replaced it with a single principles-based revenue recognition model that applies to most industries, with limited exceptions.
Under the new guidance, a company will now have to recognize revenue when it transfers goods or services to a customer, rather than when the risk of loss from the sale of goods or services has passed to the customer. As a result, the new model could lead to very different revenue recognition patterns and amounts.
For nonpublic entities, the new standard goes into effect for annual reporting periods beginning on or after December 15, 2018, and interim periods beginning after December 15, 2019, with early adoption permitted.
After completing this training, you will be able to:
- Obtain knowledge on the new revenue recognition guidance
- Determine the best implementation approach for your company
- Be aware of practical expedients
- Identify common areas of impact
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