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The FASB Big 3 – What You Need to Know About Rev Rec, Leases, and Credit Losses

Icon_Self-Study
QAS Self-Study
Icon_Level
Overview
Credits
CPE Credits
5 Credits: Accounting

Course Description

In the past few years, the FASB has released several significant accounting standards which have brought about sometimes sweeping changes to U.S. GAAP. Many of these new standards have required significant resources and sometimes lengthy implementation times. This course focuses on the key requirements from what is commonly referred to as the “Big 3”. This includes the new standards related to revenue recognition, leases, and credit losses on financial instruments. Even though some of the Accounting Standards Updates (ASUs) which drove these changes have been out for years, many entities have still yet to adopt all the requirements.

Learning Objectives

Upon completion of this course, you will be able to:
• 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
• Determine whether an arrangement contains a lease
• Identify the criteria for the new finance lease and short-term leases
• Recognize the new 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
• Recognize the criteria used for sale and leaseback transactions
• 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 key provisions as it relates to the new credit losses standard
• Recognize the credit loss measurement requirements for assets measured at amortized cost
• Recognize the credit loss measurement requirements for available-for-sale debt securities
• Identify the financial statement disclosure requirements related to credit losses
• Identify the effective date and transition requirements for the new credit loss standard

Course Specifics

Course ID
1223566
Revision Date
January 11, 2022
Number of Pages
89
Prerequisites

There are no prerequisites.

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)

Course Instructor

Kelen Camehl Headshot
Kelen Camehl, CPA, MBA

Kelen is a recognized author and reviewer of CPE courses and has authored over 85 courses (225+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics.  His courses are available for purchase from many online CPE providers including the AICPA.  Kelen has also remained involved in CPA exam content development for nearly 10 years and has authored more than a thousand multiple choice questions for various sections of the CPA exam.  He also serves as an Editorial Advisor for the AICPA’s “Journal of Accountancy”. Kelen has over 15 years of progressive finance and accounting …

Kelen Camehl, CPA, MBA Read More »

The FASB Big 3 – What You Need to Know About Rev Rec, Leases, and Credit Losses

Expert Instructors
CPE CREDITS
5 Credits: Accounting

$145.00$175.00

Clear
Icon_Self-Study
QAS Self-Study
Icon_Level
Overview
Credits
CPE Credits
5 Credits: Accounting

Course Description

In the past few years, the FASB has released several significant accounting standards which have brought about sometimes sweeping changes to U.S. GAAP. Many of these new standards have required significant resources and sometimes lengthy implementation times. This course focuses on the key requirements from what is commonly referred to as the “Big 3”. This includes the new standards related to revenue recognition, leases, and credit losses on financial instruments. Even though some of the Accounting Standards Updates (ASUs) which drove these changes have been out for years, many entities have still yet to adopt all the requirements.

Learning Objectives

Upon completion of this course, you will be able to:
• 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
• Determine whether an arrangement contains a lease
• Identify the criteria for the new finance lease and short-term leases
• Recognize the new 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
• Recognize the criteria used for sale and leaseback transactions
• 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 key provisions as it relates to the new credit losses standard
• Recognize the credit loss measurement requirements for assets measured at amortized cost
• Recognize the credit loss measurement requirements for available-for-sale debt securities
• Identify the financial statement disclosure requirements related to credit losses
• Identify the effective date and transition requirements for the new credit loss standard

Course Specifics

Course ID
1223566
Revision Date
January 11, 2022
Number of Pages
89
Prerequisites

There are no prerequisites.

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)

Course Instructor

Kelen Camehl Headshot
Kelen Camehl, CPA, MBA

Kelen is a recognized author and reviewer of CPE courses and has authored over 85 courses (225+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics.  His courses are available for purchase from many online CPE providers including the AICPA.  Kelen has also remained involved in CPA exam content development for nearly 10 years and has authored more than a thousand multiple choice questions for various sections of the CPA exam.  He also serves as an Editorial Advisor for the AICPA’s “Journal of Accountancy”. Kelen has over 15 years of progressive finance and accounting …

Kelen Camehl, CPA, MBA Read More »

The FASB Big 3 – What You Need to Know About Rev Rec, Leases, and Credit Losses

Expert Instructors
CPE CREDITS
5 Credits: Accounting

$145.00$175.00

Clear