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| Author : | Kelen Camehl, CPA, MBA |
| Course Length : | Pages: 69 ||| Review Questions: 17 ||| Final Exam Questions: 28 |
| CPE Credits : | 5.5 |
| IRS Credits : | 0 |
| Price : | $49.45 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - Technical - NASBA Registry |
| Primary Subject-Field Of Study: | Accounting - Accounting for Course Id 1936 |
| 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 : | 2023 |
| Version : | 1.0 |
| Prerequisites : | None. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Financial Accounting Standards Board (FASB)
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 03-Mar-2023 |
| 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 - 1936 |
| Keywords : | Accounting, FASB, Big 3, Need, Know, About, Rev, Rec, Leases, Credit, Losses, v13, cpe, cpa, online course |
| Learning Objectives : |
Course Learning Objectives
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| 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 3 - 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 |
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