FASB's Big 3 Project Overview: Leases, Financial Instruments & Revenue Recognition

Authored by Pat Patterson
About this Course
Topics covered include: All of the 'Big Three' are part of a joint effort between the FASB and the IASB and represent a major convergence from both sides; The impact of leases on leasees and lessors, the reporting of 'right of use assets', and the reporting and measurements of lease liabilities will be discussed; Issues involving measurement, amortization, options, variable leases, and components of a lease, effective dates, and transition to the new standard will be dealt with; Financial instruments and their measurement and recording plus their issues on impairments are looked into; For Revenue Recognition the 5 step core principles for revenue recognition will be examined; Issues in revenue recognition that involve principals' vs agents, timing, disclosures, and other matters on reporting, disclosure, and measurements will be discussed; Revenue Recognition's effect on taxation, loan covenants, and other issues are detailed. Upon completing this course, you should be able to: Recognize the major issues of the 'Big Three Project'; Identify how to properly handle the reporting requirements of the; Major components of the 'Big Three'; Recognize how to properly record, report, and disclose the various issues in the 'Big Three'; Identify significant changes for leases under Accounting Standards Update No. 2016-02 (Topic 842); Differentiate between Accounting Standards Update No. 2016-02 (Topic 842) and current GAAP; Recognize the reporting model for financial instruments; Identify the requirements for Update No. 2016-13 for reporting credit losses; Recognize the transaction price of a contract under the revenue recognition requirements; Identify contracts that include several separate performance obligations; Recognize revenue with regard to leases; Identify measurements of expected credit losses; Differentiate when revenue recognition Topic 605 does not apply; Recognize when a contract doesn't exist; Describe when the determination of whether an entity is a principal or an agent is based upon; Differentiate between the current expected credit loss (CECL) model and international financial reporting standards (IFRS); Identify objectives of the Joint Transition Resource Group for Revenue Recognition (TRG).
$ 30.00
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NASBA Field of Study
Auditing
Level
Update
CPE Credits
2.0
Prerequisites
Participants should have a general knowledge of generally accepted accounting principles and attest engagement standards.
Last Updated
03/02/2018
12780