Description
The new accounting standard for revenue recognition was released in 2014 but its effective date is upon us. With the issuance of FASB ASU No. 2014-09, Revenue from Contracts with Customers, FASB has completed a convergence project. For years, revenue recognition has been the cause of audit failures and the focus of corporate abuse and fraud allegations. This course will provide you with an in-depth understanding of the framework for revenue recognition built around the core principle that is applied in a five-step process. In addition, understanding the changes and new requirements is critical for successful implementation of this new standard. Supported by practical examples, this course will assist you in avoiding revenue recognition traps and provide you with latest FASB guidance. Recent updates to this course include industry-specific examples taken from the AICPA Audit and Accounting Guide Revenue Recognition.
Learning Objectives
- Identify a lease under the new leases standard.
- Identify recognition and measurement requirements of the new leases standard.
- Identify presentation and disclosure requirements of the new leases standard.
Major Topics
- Lease classification
- Amortization of the lease asset
- Derecognition of the underlying asset
- Recognition of lease receivables
- Lease Modifications
- Sale and leaseback transactions
- Presentation, disclosure, and transition requirements
- Comparison of the requirements of U.S. GAAP and IFRS
- Private company consideration
- The business context for implementing the new standard
Provider
Business Learning Institute
Course Level
Basic
CPE Field of Study
Accounting
4
Who Should Attend
Accountants in practice and industry
Instructor(s)
Jennifer Louis
Prerequisites
Experience in the application of accounting standards
Advanced Preparation
None
Location
Live – Online Webcast
Register Now
When
Nov 23, 2020
12:00 pm - 3:30 pm EST
12:00 pm - 3:30 pm EST
Location
Live – Online Webcast
Total CPE Credits
4
Format
Live Webcast
MEMBER
$160.00
NON-MEMBER
$210.00
Register for this Event
Four for Fall: Leases Before and After New U.S. GAAP: Case Studies of the Impact of Applying Changes in Lease Accounting and Financial Reporting
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