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Secure Transaction The FASB Big 3
Format
Self-Study
Course Level
Overview
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 successful completion of this course, participants 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
1203530
March 2, 2023
There are no prerequisites.
None
104
Compliance Information
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)
CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.
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Meet The Experts
Kelen is a recognized author and reviewer of CPE courses and has authored over 120 courses (300+ 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 also remained involved in CPA exam content development for nearly 10 years and 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 nearly 20 years of progressive finance and accounting experience. He …