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Author: |
Kelen Camehl, CPA, MBA |
Course Length: |
Pages: 110 ||| Word Count: 53,672 ||| Review Questions: 24 ||| Final Exam Questions: 40 |
CPE Credits: |
8.0 |
IRS Credits: |
0 |
Price: |
$71.95 |
Passing Score: |
70% |
Course Type: |
Text |
Technical Designation: |
Technical |
Field Of Study: |
Accounting |
Approved Audience: |
NASBA QAS - NASBA Registry |
Key Takeaways: |
This comprehensive course provides a clear and practical overview of ASC 606 revenue recognition and ASC 842 lease accounting, covering the full five step revenue model and complete lease lifecycle.
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Frequently Asked Questions: |
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Description: |
This course provides a clear and practical overview of two essential accounting standards: ASC 606 on revenue recognition and ASC 842 on lease accounting. Participants will learn the five-step model for recognizing revenue, including identifying contracts, measuring transaction prices, and allocating those prices to performance obligations. The course also covers key topics such as determining when a contract exists, accurately measuring transaction prices, and presenting and disclosing contract assets and liabilities. Additionally, the course explains how to identify and classify leases, as well as the initial and subsequent measurement of leases. Presentation and disclosure requirements for leases are also included, providing participants with a solid understanding of these important standards. |
Usage Rank: |
29375 |
Release: |
2025 |
Version: |
1.0 |
Prerequisites: |
None. |
Experience Level: |
Overview |
Additional Contents: |
Complete, no additional material needed. |
Additional Links: |
External: Revenue Recognition
Internal: Revenue Recognition - Mastering the 5 Steps of ASC 606 (Course Id 2493)
Internal: Revenue Recognition Deep Dive - Unlocking the Key Principles of ASC 606 (Course Id 2492)
External: SEC - ASC Topic 605 and ASC 606 Revenue Recognition Overview
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Advance Preparation: |
None. |
Delivery Method: |
QAS Self Study |
Intended Participants: |
Anyone needing Continuing Professional Education (CPE). |
Revision Date: |
17-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. |
Keywords: |
The Complete Guide to Revenue Recognition and Leasings Core Requirements - CPE course for CPAs |
Learning Objectives: |
Chapter 1
Chapter 2
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Course Contents: |
Chapter 1 - Revenue Recognition Learning Objectives Chapter Overview Introduction Scope of ASC 606 The Main Provisions Step 1: Identify the Contract(s) with a Customer Review Questions Step 2: Identify the Performance Obligations in the Contract Step 3: Determine the Transaction Price Step 4: Allocate Transaction Price to Performance Obligations Review Questions Step 5: Recognize Revenue When (or as) Performance Obligations are Satisfied Principal vs. Agent Considerations Financial Statement Presentation Issues Financial Statement Disclosures Revenue Recognition Challenges Conclusion Review Questions Chapter 2 - Lease Transactions Learning Objectives Chapter Overview Introduction ASC 842 Organization Scope Is an Arrangement a Lease? Illustrative Examples Review Questions Lessee Lease Classification Recognition and Measurement Subsequent Measurement Illustrative Example – Lessee Accounting Lessor Accounting Review Questions Lease Modifications Lease Modifications – Illustrative Examples Review Questions Sale and Leaseback Transactions Illustrative Examples Subleases Review Questions Financial Statement Presentation Requirements Disclosure Requirements Top Challenges in ASC 842 Conclusion Review Questions Glossary of Key Terms |
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