Home
0
Home
Use Landscape to see Search/Filter
Item Types:
Field of Study:
Authors:
CPE Hours:
Keyword:
Course Details

The FASB Big 3 - What You Need to Know About Rev Rec, Leases, and Credit Losses (Course Id 1715)

New / QAS / Registry   Add to Cart 
Author : Kelen Camehl, CPA, MBA
Status : Production
CPE Credits : 5.0
IRS Credits : 0
Price : $44.95
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 1715

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.

Usage Rank : 0
Release : 2020
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 01-Oct-2020
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 - 1715

Keywords : Accounting, FASB, Big 3, Need, Know, About, Rev, Rec, Leases, Credit, Losses, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

Upon completion of this course, you will be able to:
  • 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
  • Identify the criteria for the new finance lease and short-term leases
  • Recognize the new 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
  • Recognize the criteria used for sale and leaseback transactions
  • 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 key provisions as it relates to the new credit losses standard
  • Recognize the credit loss measurement requirements for assets measured at amortized cost
  • Recognize the credit loss measurement requirements for available-for-sale debt securities
  • Identify the financial statement disclosure requirements related to credit losses
  • Identify the effective date and transition requirements for the new credit loss standard
Course Contents :

Chapter 1 - The FASB Big 3 - What You Need to Know About Rev Rec, Leases, and Credit Losses

Course Learning Objectives

Course Overview

Course Introduction

The FASBs New Effective Date Philosophy

How This Course is Organized

Part One Revenue Recognition

Introduction

Effective Dates for the New Standard

Why Was a Change Necessary?

Summary & Key Takeaways from ASC 606

Step 1: Identify the Contract(s) with a Customer

Step 2: Identify the Performance Obligations in the Contract

Step 3: Determine the Transaction Price

Step 4: Allocate Transaction Price to Performance Obligations

Step 5: Recognize Revenue When (or as) the Entity Satisfies a Performance Obligation

Financial Statement Presentation Issues

Financial Statement Disclosure Requirements

Subsequent ASUs Released by the FASB

Conclusion

Review Questions

Part Two Leases

Introduction

Effective Dates for the New Standard

Why Was a Change Necessary?

Summary & Key Takeaways from ASC 842

Is an Arrangement a Lease?

Illustrative Examples Determining Whether a Contract Contains a Lease

Lessee Lease Classification

Recognition and Measurement

Subsequent Measurement

Illustrative Example Lessee Accounting

Lessor Accounting

Lease Modifications

Sale and Leaseback Transactions

Assets under Construction

Presentation Requirements

Disclosure Requirements

Transitioning to the New Standard

Private Company Considerations

Subsequent ASUs Released by the FASB

Review Questions

Part Three Credit Loss Standard

Introduction

Effective Dates for the New Standard

Why Was a Change Necessary?

Summary & Key Takeaways from ASC 326

Impacts to Assets Measured at Amortized Cost

Subsequent Measurement Requirements

Presentation in the Financial Statements

Illustrative Examples

Disclosures for Assets Measured at Amortized Cost

Impacts to Available-for-Sale Debt Securities

Subsequent Measurement

Disclosure Requirements

Transitioning to the New Standard

Subsequent ASUs Released by the FASB

Review Questions

Glossary of Key Terms

CPE Accounting Course: https://www.cpethink.com/accounting-cpa-courses
Thank you for taking one of our free courses. We would like to be able to let you know when we add free courses or have special offers and will never spam you or share your address with anyone. If you are Ok with that please reply with "Ok" or if not please reply "No Thanks". Either way enjoy your free CPE course.
  
Exam completed on .

Do you want to add the course again?