Course ID: ASCT842

New Leasing Standard (ASC Topic 842) and Revenue Recognition Standard (ASC Topic 606)

The adoption of the new leasing standard (ASC Topic 842) is now upon! Will you be prepared to properly account and disclose such transactions? How will did your firm and your client’s do regarding ASC Topic 606 in the past year or so?

This session is designed to provide external auditors with practical and insightful perspectives on how to account and disclose under the Financial Accounting Standards Board’s (FASB) new leasing standard and and revisiting ASC Topic 606. You’ll learn the new accounting and financial reporting requirements.

Learning Objectives

After completing this session, you’ll be able to:

Recall the FASB’s new leasing standard and strengthen your knowledge of ASC Topic 606 on revenues from contract with customers.
Distinguish and discuss the new accounting and reporting requirements of leases and revenue from contract with customers
Identify how to properly audit the transition requirements and initial adoption of the new leasing standard.

Major Topics

Learning about ASC Topics 842, particularly the FASB’s new take on how leases will now be recognized on the balance sheet as well as the new presentation and disclosure requirements and practical application.

Who Should Attend

CPAs and practitioners in public practice who conduct audits of privately-held organizations who will adopt ASC Topic 842 in 2022 and organizations that comply with ASC Topic 606.

Fields of Study

Accounting, Auditing

Prerequisites

CPAs and practitioners with experience in public practice who conduct audits of privately-held organizations who will adopt ASC Topic 842 in 2022 and organizations that comply with ASC Topic 606.

Provider

Business Learning Institute

CPE Credits

4.0

Level

Intermediate

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