Overview
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Why Was a Change Necessary?
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Financial Statement Presentation Issues
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Effective Dates for the New Standard
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Lessee Lease Classification
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Sale and Leaseback Transactions
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Transitioning to the New Standard
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Effective Dates for the New Standard
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Presentation in the Financial Statements
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Transitioning to the New Standard
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.