2017 FASB -New Developments in Revenue Recognition

• Identify one of the five steps required in applying the new revenue standard
• Recall the general rule that determines whether an entity should record revenue gross or net
• Recognize the requirement that must be met for a company be considered a principal in a revenue transaction
• Recall one of the indicators that ASU 2016-08 removes from the revenue model in determining gross versus net treatment of revenue
• Identify the general rule for determining whether an entity should record revenue gross or net
• Recognize an example of a prepaid stored-value product
• Recall how an entity should implement ASU 2016-04 related to prepaid stored-value products
• Recognize some of the changes made to the five steps of the new revenue standard by ASU 2016-12 amendments
• Identify a type of intellectual property that has significant standalone functionality
• Recognize how an entity should record revenue related to a license