In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-09, “Revenue from Contracts with Customers”, which supersedes nearly all existing revenue recognition guidance under accounting principles generally accepted in the United States of America. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing accounting principles generally accepted in the United States of America. The standard is effective for annual periods beginning after December 15, 2018.
Somerset CPAs will be hosting a short training session at their offices on April 4th to elaborate on these changes to the revenue recognition standards and how they will affect the A/E industry.
Who should attend: Those involved in the financial operations of an A/E firm should attend, owners, controllers, CFOs
8-8:30 Registration & Networking
8:30-10 Training Program
Eligible for 1.5 PDH credits
Cost: $25/ ACEC Indiana member
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**Written cancellation notice via e-mail or fax is required at least 72 hours prior to the event for a full refund. Substitutions may be made at any time.