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| 800-404-7438 |
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Prerequisite
None
Knowledge Level
Basic
Copyright
2007
Publication Date
July, 2007
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| Introduction |
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Organization |
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Learning Objectives |
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Author Bios |
| Title: |
Revenue Recognition |
| Prerequisite: |
None |
| Advanced Preparation: |
None |
| Knowledge Level: |
Basic |
| Subject Matter Area: |
Accounting |
| Date of Publication: |
July 2007 |
| Copyright: |
© 2007 by Bisk Education, Inc. All rights reserved. |
| Recommended CPE Credits: |
4 QAS/Registry (based on 50-minute hour) |
| Expiration Date: |
One year from date of receipt to complete program and submit quizzer to obtain credit |
| Passing Grade for Quizzer: |
70 percent or higher |
This program will cover the guidance available to practitioners regarding the critical aspect of a business—revenue recognition. In recent years the Security and Exchange Commission (SEC) has expanded the guidance on the subject. This program reviews SECs expanded guidance, as well as other guidance, regarding revenue recognition.
Note: Reporting of CPE credit to a CPA’s state board is the responsibility of the CPA. Subscribers to CPE Network Accounting & Auditing Report may not receive duplicate credit for this material, which previously aired in the February-July 2007 editions of this program.
This text is divided into seven (7) chapters:
Chapter 1 gives an overview of revenue recognition guidance available.
Chapter 2 concentrates on the persuasive evidence of an arrangement.
Chapter 3 reviews the delivering element of revenue recognition.
Chapter 4 explains the conditions of the SEC guidance related to revenue recognition.
Chapter 5 examines the collectibility criterion of revenue recognition.
Chapter 6 contains supplemental materials, including (1) Revenue Recognition—General, which focuses on the criteria used to recognize revenue; (2) Revenue Recognition—Persuasive Evidence of an Arrangement, which concentrates on the criterion of persuasive evidence; (3) Revenue Recognition—Delivery, which reviews the concept of delivery and how it pertains to revenue recognition; (4) Revenue Recognition—Fixed or Determinable Fee, which examines the concept of fixed and determinable fees; (5) Revenue Recognition—Collectibility, which concentrates on collectability.
Chapter 7 contains review problems that help illustrate the topics covered in the previous chapters.
Upon completion of this program, the user should:
- Be able to identify the two criteria necessary for revenue to appear in the financial statements
- Know to which criterion persuasive evidence of an arrangement relates
- Have an understanding of what is persuasive evidence of an arrangement
- Understand how delivery affects revenue recognition
- Have an idea of what fixed or determinable means
- Be able to identify the four conditions associated with revenue recognition
- Know what happens if collectibility is not reasonably assured
J. Russell Madray, CPA, CIA, CMA, CFM, is president of The Madray Group, which specializes in knowledge transfer. Mr. Madray has more than 15 years of professional experience, including 10 years in public practice. Mr. Madray is the author of numerous publications and articles on accounting and auditing topics, including the AICPA's Compilation and Review Alert.
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Bisk Education, Inc. • 9417 Princess Palm Ave. •
Tampa, FL 33619 • 800-404-7438
 |
Bisk Education is
registered with the National Association of State Boards of Accountancy (NASBA)
as a sponsor of continuing professional education on the National Registry of
CPE Sponsors. State boards of accountancy have final authority on the
acceptance of individual courses. Complaints regarding registered sponsors may
be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North,
Suite 700, Nashville, TN 37219-2417. Website:
www.nasba.org
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Bisk Education is
registered with the National Association of State Boards of Accountancy as a
Quality Assurance Service (QAS) sponsor of continuing professional education.
Participating state boards of accountancy have final authority on the
acceptance of individual courses for CPE credit. Complaints regarding
registered sponsors may be addressed to the Quality Assurance Service, 150
Fourth Avenue North, Suite 700, Nashville, TN 37219-2417. Website:
www.nasba.org
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Enrolled Agents Sponsor ID Number: 552. We have entered into an agreement with
the Office of Professional Responsibility, Internal Revenue Service, to meet
the requirements of 31 Code of Federal Regulations, section 10.6(g), covering
maintenance of attendance records, retention of program outlines,
qualifications of instructors, and length of class hours. This agreement does
not constitute an endorsement by the Office of Professional Responsibility as
to the quality of the program or its contribution to the professional
competence of the enrolled individual.
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