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The FASB Big 3 – What You Need to Know About Rev Rec, Leases, and Credit Losses

  • ACCT/BK
  • CPA/ABV
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • IAP
  • QIAL
  • CBA/MCBA
  • CFIRS
  • CWS

Published: January, 2022

Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Why Was a Change Necessary?
    000 mins
  • Financial Statement Presentation Issues
    000 mins
  • Effective Dates for the New Standard
    000 mins
  • Lessee Lease Classification
    000 mins
  • Subsequent Measurement
    000 mins
  • Sale and Leaseback Transactions
    000 mins
  • Transitioning to the New Standard
    000 mins
  • Effective Dates for the New Standard
    000 mins
  • Presentation in the Financial Statements
    000 mins
  • Transitioning to the New Standard
    000 mins

Course Description

The past few years have seen the issuance of significant new accounting standards by the FASB, which to a certain degree will have a long-lasting effect on virtually all companies. Many of these new standards have required significant resources and sometimes lengthy implementation times. 

The new guidance on revenue (ASC 606), leases (ASC 842), and financial instruments (ASCs 321, 326, and 815) can be complex to apply and may have a significant impact on companies. Collectively, we call these the FASB’s Big 3 new standards.

This CPE accounting course focuses on the key requirements of FASB’s Big 3 new standards. 

Even though some of the Accounting Standards Updates (ASUs) which drove these changes have been out for years, many entities have still yet to adopt all the requirements.

In this CPE webinar, we will do a detailed review of the new accounting and disclosure requirements of ASC 842, which will see virtually all leases being recorded by companies. It will cover all aspects of ASC 842 from the perspectives of both the lessor and lessee, including lease classification, liability calculation, and initial and subsequent recording and transition. While the implementation date of ASC 606 has passed for most companies, many are still wrestling with mastering the finer points of the FASB’s new revenue recognition guidance and fine-tuning their disclosures.

You do not want to be surprised when it comes to these new standards. With all this change going on it is important to stay current on the latest technical guidance and to be prepared for the impact of its adoption and this CPE text-based course is the place to go for that understanding.

Learning Objectives

  • To list the five steps involved in the new revenue recognition model.
  • To analyze the considerations involved in identifying whether a contract exists.
  • To identify the considerations involved with measuring the transaction price.
  • To discuss the steps involved in allocating the transaction price to performance obligations.
  • To analyze whether an arrangement contains a lease.
  • To list the five steps involved in the new revenue recognition model.
  • To inspect the considerations involved in identifying whether a contract exists.
  • To identify the considerations involved with measuring the transaction price.
  • To discuss the steps involved in allocating the transaction price to performance obligations.
  • To analyze whether an arrangement contains a lease.

Recommended For

  • This Online CPE webinar is recommended for CPAs, CIAs, CMAs, IAPs, QIALs, and other accounting professionals involved in financial statement preparation and review.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Cloud Accountants
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial Accountant
  • Finance Director
  • Senior Accountant
  • Staff of Accounting Firm
  • VP Accounts
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 5.5 CPE Credit for Certified Management Accountants (CMA)
  • 5.5 CPE Credit for Certified Public Accountants (CPA-US)
  • 5.5 CPE Credit for Chartered Global Management Accountants (CGMA)
  • 5.5 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 5.5 CE Credit for Certified Wealth Strategist (CWS)
  • 5.5 General Credit for Accountant/Bookkeeper (ACCT./BK)

Additional details

  • Course Level :
    Basic
  • Credits :
    5.5
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Presenter

About Presenter

Kelen Camehl, CPA (US), MBA

Advisor, Kelen Camehl CPA

Kelen is a recognized author and reviewer of CPE courses and has authored over 85 courses (225+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics.  His courses are available for purchase from many online CPE providers including the AICPA.  Kelen has also remained involved in CPA exam content development for nearly 10 years and has authored more than a thousand multiple choice questions for various sections of the CPA exam.  He also serves as an Editorial Advisor for the AICPA’s "Journal of Accountancy".   

Kelen has over 15 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Consultant with HP, Inc. in Dallas, TX.  Most recently he was located in Budapest, Hungary on a three-year international assignment and served in the company’s Houston, TX location prior to this assignment.  Prior to HP, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors.

About Company


Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
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  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
  • If you still face the polling problem please don’t panic and provide your response in the chat and we shall consider the same for processing for credits. You can download Zoom by clicking on the mentioned link : https://zoom.us/download
  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

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DD

Donna Davies, CPA (US)

Jan 26th, 2022

I was unable to locate the download section, so was unable to download the course materials.

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