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Revenue is probably the most important number in financial statements. After years of effort, a joint Financial Accounting Standards Board (FASB)/International Accounting Standards Board (IASB) standard has been issued. It rebuilds revenue accounting from the ground up. This course provides a comprehensive analysis of this guidance and its impact on your company and/or clients.
The recently issued lease accounting standard represents a radical departure from previous lease guidance. Many financial statements will recognize potentially significant assets and liabilities for the first time. The impact will be uneven depending on the business and the reaction of their creditors. This course aims to guide participants in understanding how the new standard will affect their company or clients and identifying the practical implementation strategies that might ease the burden of transition.
Upon successful completion of this course, participants will be able to:
- Determine the disadvantages of lease accounting
- Identify the asset-liability approach to leases and its effect on the balance sheet
- Identify the effect of lease changes on covenants and likely lender reaction
- Apply the right-of-use approach model for lessees and lessors
- Identify renewal, termination, and other lease-specific issues
- Determine implementation and transition considerations
- Discuss the asset-based approach to revenue recognition
- Analyze contacts and performance obligations
- Identify the satisfaction of performance obligations
- Practice more complex transactions using an examples-based approach
- Analyze continuous delivery and percent of completion
- Identify multiple deliverables and contract separation
- Determine contract costs and onerous obligations
- Apply a different approach to disclosures
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