The FASB has finalized a new revenue recognition standard that was published in 2014 and takes effect in 2019 for privately held companies and 2018 for public companies. The standard will change the "language and methodology" of accounting for revenue in practically all industries. This class is a broad based review of the new standard intended to start the local practitioner on the road to understanding how the new method (the "5-step plan of revenue recognition") will impact their world or their client's world so that they can proactively prepare for the biggest of changes on the income statement. This course includes a review of many of the example problems presented in the new standard!