This course provides a detailed overview of the key principles and requirements with respect to revenue recognition and leasing transactions. Both of these areas witnessed substantial changes made in years past by the FASB. This course takes a quick trip down memory lane to explore how both of these standards evolved, and then takes the user down a detailed path of understanding the key financial reporting requirements of each.
Course Publication Date:
January 13, 2024
This course is available with
NO ADDITIONAL FEE if you have an active
self study membership or
all access membership or can be purchased for
$80.00!
| Author: | Kelen Camehl |
| Course No: | ACT-REVLEASE-14923 |
| Recommended CPE: | 8.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Overview |
| Prerequisites: | None |
| Advanced Preparation: | None |
| Recommended Field of Study: | Accounting
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Learning Objectives
- Recognize how the new revenue recognition standards were developed between the FASB and IASB.
- 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.
- Identify presentation issues with respect to contract assets and contract liabilities.
- Understand the overall disclosure requirements and transition methods related to the new standards.
- Recognize key amendments from ASUs issued subsequent to the initial release of the new revenue recognition standards.
- Recognize how the leasing standard has evolved and how the new standard is organized.
- Determine whether an arrangement contains a lease.
- Identify considerations with respect to substitution rights and decision-making rights.
- Identify the criteria for the new finance lease and short-term leases.
- Recognize the 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.
- Identify the criteria used for sale and leaseback transactions.
- Identify the considerations with respect to a lessee’s involvement in construction of a leased asset.
- 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 significant differences between ASC 842 and IFRS 16.
- Recognize considerations of and alternatives provided to private companies.