Overview
-
Five Step Process for Revenue Recognition
-
Identification of Payment Terms – Construction Industry (BC39)
-
Definition of Customer (BC54)
-
Performance Obligations (BC84 thru 85)
-
Price Concessions (BC194)
-
The Importance of Considering a Significant Financing Component (BC229)
-
Consideration of Repurchase Agreements (BC423-424, 426, 428)
-
Rail Cars – Illustrative Example (ASC 842-10-55)
-
Initial and Subsequent Measurement (ASC 842-20-55-22 thru 30)
Course Description
This Online CPE course provides an overview of the key principles related to both revenue recognition and leasing transactions. The revenue recognition guidance is included within ASC Topic 606 and includes a five-step model identifying a contract, identifying performance obligation, determining the transaction price, allocating the transaction price to performance obligations, and recognizing revenue. The lease accounting and reporting requirements are outlined in ASC Topic 842. This topic addresses areas such as how to correctly identify a lease within a contract, as well as the overall recognition, measurement, subsequent measurement, and disclosure requirements.
In this online CPE course for CPAs and other accounting professionals, all pronouncements are covered at an overview level to provide attendees with insights into the accounting guidance for Revenue Recognition & Leasing.
This online Accounting CPE course provides an overview of the revenue recognition standards prescribed by the Financial Accounting Standards Board (FASB) in ASC Topic 606. This course focuses specifically on the five-step model for revenue recognition including identifying a contract, identifying performance obligation, determining the transaction price, allocating the transaction price to performance obligations, and recognizing revenue.
This Online CPE course provides an overview of the lease accounting standards issued by the Financial Accounting Standards Board (FASB) prescribed within Accounting Standards Codification (ASC) Topic 842. This includes a discussion of the reasons for the change, how to correctly identify a lease within a contract, and the overall recognition, measurement, subsequent measurement, and disclosure requirements. This course also provides examples of real-world disclosures as well as challenges faced by entities post-adoption.
This Accounting CPE Course provides an overview of the reporting and disclosure requirements related to Revenue Recognition & Leasing.
This Online Continuing Professional Education Course includes following key topics:
- Scope of ASC 606 & ASC 842
- Recent Modifications
- Revenue Recognition – Key Principles
- Steps in the new revenue recognition model
- Lease Classification for a Lessee
- Short Term Leases
- Recognition, Measurement, and Presentation Requirement
- Practical Expedients
Learning Objectives
- To List steps involved in the new revenue recognition model
- To recognize the considerations involved in identifying whether a contract exists
- To identify the considerations involved with measuring the transaction price
- To recognize the steps involved in allocating the transaction price to performance obligations
- To determine whether an arrangement contains a lease
- To identify considerations concerning substitution rights
- To identify the criteria for the new finance lease and short-term leases
- To recognize the new recognition and measurement requirements for both lessees and lessors
- To identify the requirements related to lease modifications
- To identify presentation and disclosure requirements for both lessees and lessors