Topics covered include: For Revenue Recognition (ASU 2014-09) the 5 step core principles for revenue recognition will be examined; Issues in revenue recognition that involve principals' vs agents, timing, disclosures; Matters on reporting, disclosure, and measurements will be discussed; How small entities and large entities may be affected by the new standard; Revenue Recognition's effect on taxation, loan covenants, and other related issues are detailed FASB Big Three Project; Transition to the New Standard ASU 2014-09; How will the New Standard Change Current GAAP?; Disclosures; Changes to the Changes; FASB/IASB Joint Transition Resource Group for Revenue Recognition (TRG); Update on Implementing the New Revenue Standard; What to Look For. Upon completing this course, you should be able to: Identify the recently issued new FASB 'Big 3 Project' issue of Revenue Recognition (ASU 2014-09); Differentiate standards and its application will impact practically every professional accountant who deals with revenue recognition and accounting issues; Recognize effective dates and the deferral of effective dates are discussed; Identify the reporting requirements and the timing of revenue recognition will be explored; Describe the disclosure requirements for revenue recognition and other related matters will be examined; Describe the International Financial Reporting Standards (IFRS); Identify the five steps in applying the new revenue recognition model under ASU 2014-09; Recognize changes to current GAAP under the new revenue recognition standard; Describe why the FASB and IASB released new revenue recognition standards; Identify the changes to annual reporting periods; Recognize which Accounting Standards Update was released to further articulate the guidance in ASU 201-09; Describe what the joint transition resource group (TRG) for revenue recognition does.