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

4.4 (14)

Kelen Camehl, CPA, MBA

Kelen Camehl CPA

  • CMA
  • CPA
  • CGMA

Published: March, 2021

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

Overview

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

Course Description

In the past few years, the FASB has released several significant accounting standards which have brought about sometimes sweeping changes to U.S. GAAP.  Many of these new standards have required significant resources and sometimes lengthy implementation times.  This course focuses on the key requirements from what is commonly referred to as the “Big 3”.  This includes the new standards related to revenue recognition, leases, and credit losses on financial instruments.  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.

Learning Objectives

  • List the five steps involved in the new revenue recognition model
  • Recognize the considerations involved in identifying whether a contract exists
  • Identify the considerations involved with measuring the transaction price
  • Recognize the steps involved in allocating the transaction price to performance obligations
  • Determine whether an arrangement contains a lease

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

Testimonial

4.4

(14)
57%
29%
14%
0%
0%

KH

Overall it was a great course. I regretfully found that you can take the exam in Explorer but you cannot submit so I had to take it twice, the second time in Chrome.