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| Author : | Kelen Camehl, CPA, MBA |
| Course Length : | Pages: 71 ||| Word Count: 27,530 ||| 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 - NASBA Registry |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Accounting - Accounting for Course Id 2533 |
| Description : |
This course combines an in-depth overview of revenue recognition principles under ASC 606 with a comprehensive guide to lease accounting standards under ASC 842. It covers the five-step model for recognizing revenue, including contract identification, transaction price measurement, and allocation to performance obligations. Additionally, it provides insights into lease identification, classification, initial and subsequent measurement, and the presentation and disclosure requirements for leases. Together, these topics equip financial professionals with the knowledge needed to navigate two critical areas of U.S. GAAP. |
| Usage Rank : | 13333 |
| Release : | 2025 |
| Version : | 1.0 |
| Prerequisites : | None. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Revenue Recognition
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 14-Apr-2025 |
| 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 - NASBA Registry - 2533 |
| Keywords : | Accounting, Revenue, Recognition, Leasing, Essential, Concepts, Financial, Professionals, cpe, cpa, online course |
| Learning Objectives : |
Chapter 1
Chapter 2
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| Course Contents : | Chapter 1 - Revenue Recognition Learning Objectives Chapter Overview Introduction 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 Step 5: Recognize Revenue When (or as) Performance Obligations are Satisfied Conclusion Review Questions Chapter 2 - Lease Transactions Learning Objectives Chapter Overview Introduction Scope Lease Determination Lessee Lease Classification Recognition and Measurement Review Questions Subsequent Measurement Illustrative Example – Lessee Accounting Lessor Accounting Lease Modifications Sale and Leaseback Transactions Review Questions Financial Statement Presentation Requirements Disclosure Requirements Top Challenges in ASC 842 Conclusion Review Questions Glossary of Key Terms |
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