In May 2014, the FASB and the International Accounting Standards Board issued converged revenue recognition standards that will supersede virtually all revenue recognition guidance in U.S. GAAP and IFRS. This guidance was issued through Accounting Standards Update 2014-09, Revenue from Contracts with Customers. The new standards provide accounting guidance for all revenue arising from contracts with customers and affect virtually all entities that enter into contracts to provide services or goods to their customers. While it’s noted that new IFRS was created as a result of this project, this course is limited in scope to the discussion of the new U.S. GAAP standards. Upon completion of this course, you will be able to: Recognize how the new revenue recognition standards were developed between the FASB and IASB; List the five steps involved in the new revenue recognition model; Recognize the considerations involved in identifying whether a contract exists; Identify the considerations involved with measuring the transaction price; List the steps involved in allocating the transaction price to performance obligations; Identify presentation issues with respect to contract assets and contract liabilities; and Understand the overall disclosure requirements and transition methods related to the new standards.