Self-Study
Deep Dive into Revenue Recognition & Leasing
A guide into revenue recognition standards and leasing standards through comprehensive FASB guidance.
$232.00 – $262.00
Webcasts are available for viewing Monday – Saturday, 8am – 8pm ET.
Without FlexCast, you must start with enough time to finish. (1 Hr/Credit)
Secure Transaction CPE Credits
8 Credits: Accounting
Course Level
Overview
Format
Self-Study
Course Description
This course provides a detailed overview of the key principles and requirements with respect to revenue recognition and leasing transactions. Both of these areas witnessed substantial changes made in years past by the FASB. This course takes a quick trip down memory lane to explore how both of these standards evolved, and then takes the user down a detailed path of understanding the key financial reporting requirements of each.
Learning Objectives
Upon successful completion of this course, participants will be able to:
- Recognize how the new revenue recognition standards were developed between the FASB and IASB
- 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
- Identify presentation issues with respect to contract assets and contract liabilities
- Understand the overall disclosure requirements and transition methods related to the new standards
- Recognize key amendments from ASUs issued subsequent to the initial release of the new revenue recognition standards
- Recognize how the leasing standard has evolved and how the new standard is organized
- Determine whether an arrangement contains a lease
- Identify considerations with respect to substitution rights and decision-making rights
- Identify the criteria for the new finance lease and short-term leases
- Recognize the recognition and measurement requirements for both lessees and lessors
- Identify the recognition criteria for sales-type, direct financing, and operating leases
- Identify the overall requirements with respect to lease modifications
- Identify the criteria used for sale and leaseback transactions
- Identify the considerations with respect to a lessee’s involvement in construction of a leased asset
- Identify the presentation requirements for both lessees and lessors
- Recognize both qualitative and quantitative disclosure requirements for both lessees and lessors
- Identify the effective date for the new lease accounting standards
- Identify the significant differences between ASC 842 and IFRS 16
- Recognize considerations of and alternatives provided to private companies
Course Specifics
SS124383344
November 5, 2024
There are no prerequisites.
None
136
Compliance Information
CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)
CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.
Meet The Experts
Kelen is a recognized author and reviewer of CPE courses and has authored over 145 courses (350+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. Kelen remained involved in CPA exam content development for nearly 10 years and 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 nearly 20 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Advisor with HP. Prior to HP, he served in multiple …
QAS Self-Study
