Conferences Presenting

New York City Conference
December 21, 2018
7:30AM - 1:00PM
Rod Redding, Inactive CPA
Live Event
6
Basic
Accounting
There are no prerequisites for this course

Course Description

The time to implement FASB's latest standards on revenue recognition and accounting for leases is quickly approaching. With Revenue Recognition (ASC 606) going into effect for private (nonpublic) entities in 2019 and Accounting for Leases (ASC 842) in 2020, will you be ready? For both standards, this course will discuss why FASB felt the need for new guidance. For our first topic, we'll discuss the five-step process for revenue recognition with detailed information for each step; subsequently issued updates to the standard for topics such as licenses, principal versus agent, collectability, and performance obligations are also reviewed. In our second topic, we will discuss the substantial changes to accounting for leases by the lessee. Although less impacted, lessor accounting guidance under the standard will also be covered. We'll review how to identify and classify leases, recognition and measurement of leases, presentation in the financial statements, and transition issues. For both revenue recognition and leases, examples are provided. Now is the time to make sure you understand these significant changes to financial reporting for these two important standards.



Course Specifics

Accounting
There are no prerequisites for this course
LE1181014
None


Compliance Information

103220
Qualifies for CA Fraud: No


Learning Objectives

After completing this course, you will be able to:

  • Identify FASB's justification for new revenue recognition and leasing guidance
  • Discuss the new five-step revenue recognition model
  • Recognize the details required to understand and implement the five-step model
  • Identify the subsequent modifications and additional guidance issued for topics such as licenses, principal versus agent, collectability, and performance obligations
  • Discuss the types of leases under the new lease guidance and the criteria for determining the type of lease
  • Recognize the recognition and measurement guidance for leases
  • Detail the presentation, disclosure, and transition guidance for both revenue recognition and lease accounting
  • Utilize examples and illustrations to help understand the guidance for revenue recognition and lease accounting


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