Upon successful completion of this course, participants will be able to:

• 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