0
| Author : | Kelen Camehl, CPA, MBA |
| Course Length : | Pages: 43 ||| Review Questions: 12 ||| Final Exam Questions: 20 |
| CPE Credits : | 4.0 |
| IRS Credits : | 0 |
| Price : | $35.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - Technical - NASBA Registry |
| Primary Subject-Field Of Study: | Accounting - Accounting for Course Id 1985 |
| Description : | This 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. |
| Usage Rank : | 0 |
| Release : | 2022 |
| Version : | 1.0 |
| Prerequisites : | None. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Revenue Recognition
|
| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 12-Dec-2022 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - Technical - NASBA Registry - 1985 |
| Keywords : | Accounting, Key, Principles, Revenue, Recognition, Leasing, cpe, cpa, online course |
| Learning Objectives : |
Chapter 1
Chapter 2
|
| Course Contents : | Chapter 1 - Revenue Recognition Learning Objectives Introduction Scope of ASC 606 The Main Provisions Step 1: Identify the Contract(s) with a Customer Step 2: Identify the Performance Obligations in the Contract Review Questions Step 3: Determine the Transaction Price Step 4: Allocate Transaction Price to Performance Obligations Review Questions Step 5: Recognize Revenue When (or as) the Entity Satisfies a Performance Obligation Conclusion Review Questions Chapter 2 - Lease Transactions Learning Objectives Introduction Effective Dates for the New Standard Why Was a Change Necessary? High Level Summary of ASC 842 Step One – Do you have a Lease? Lease Existence - Illustrative Examples Lease Classification for a Lessee Short Term Leases Recognition and Measurement Lease vs. Nonlease Components Measuring the Lease Payment Determining the Lease Term Measuring the Right-of-Use Asset & Lease Liability Determining the Discount Rate Review Questions Subsequent Measurement Requirements Finance Leases Operating Leases Illustrative Example – Lessee Accounting Lessor Accounting Lease Modifications Sale and Leaseback Transactions Assets under Construction Review Questions Presentation Requirements Balance Sheet Income Statement Statement of Cash Flows Financial Statement Disclosures Lessee Disclosures Lessor Disclosures Transitioning to the New Standard Practical Expedients Alternatives Provided to Private Companies Example Lease Disclosures Example 1 – HP, Inc. Example 2 – McDonald’s Corporation Example 3 – Apple Inc. Example 4 – The Home Depot, Inc. ASUs Released After the New Standard Post-Adoption Challenges Review Questions Glossary of Key Terms |
Login/Register