This course offers a thorough exploration of the new revenue recognition standards set by FASB, crucial for public business entities. It features an in-depth analysis of how these standards were developed in collaboration with the IASB and breaks down the five-step revenue recognition model for clear comprehension. Participants will benefit from learning to identify the steps involved in allocating transaction prices, measuring transaction prices, and recognizing contracts. The course also addresses presentation issues related to contract assets and liabilities, ensuring participants understand the full scope of the new standards. Additionally, it provides an understanding of the disclosure requirements and transition methods, along with key amendments from ASUs issued after the initial release. This course is invaluable for professionals who need to stay updated and compliant with the latest revenue recognition standards, enhancing their expertise in financial reporting and accounting practices.