Key Guide To Revenue Recognition And Lease Accounting FLEXCAST
Available Until
Your Desk
6.0 Credits
Member Price $294.00
Non-Member Price $338.00
Overview
Revenue is probably the most important number in financial statements. After years of effort, a joint Financial Accounting Standards Board (FASB)/International Accounting Standards Board (IASB) standard has been issued. It rebuilds revenue accounting from the ground up. This course provides a comprehensive analysis of this guidance and its impact on your company and/or clients. The recently issued lease accounting standard represents a radical departure from previous lease guidance. Many financial statements will recognize potentially significant assets and liabilities for the first time. The impact will be uneven depending on the business and the reaction of their creditors. This course aims to guide participants in understanding how the new standard will affect their company or clients and identifying the practical implementation strategies that might ease the burden of transition.
Highlights
Foundations Contract based approach with five step model. Five step Model. Percent of Completion and Separating Performance Obligations. Transition, Presentation and Disclosure. Key Areas in Revenue Recognition.
Prerequisites
None.
Designed For
CPAs, CFOs, controllers, financial professionals, and auditors.
Objectives
Determine the disadvantages of lease accounting. Identify the asset-liability approach to leases and its effect on the balance sheet. Identify the effect of lease changes on covenants and likely lender reaction. Apply the right-of-use approach model for lessees and lessors. Identify renewal, termination, and other lease-specific issues. Determine implementation and transition considerations. Discuss the asset-based approach to revenue recognition. Analyze contacts and performance obligations. Identify the satisfaction of performance obligations. Practice more complex transactions using an examples-based approach. Analyze continuous delivery and percent of completion. Identify multiple deliverables and contract separation. Determine contract costs and onerous obligations. Apply a different approach to disclosures.
Preparation
None.
Notice
This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.
Leader(s):
Leader Bios
Ray Thompson, Western CPE
Dr. Ray Thompson, CBA, CFM, CMA, is an emeritus associate professor of accounting and finance at the University of Pittsburgh. He served as department head at the University of Pittsburgh at Johnstown (UPJ) campus for over 25 years. He was the associate director of UPJ’s Entrepreneurial Development Assistance Project, where he was involved in financial consulting and assisting in preparing loan proposals for small business start-ups. He has taught in graduate and undergraduate business programs in Europe, Africa, and the United States.
Ray received his BS and MS degrees in economics and systems dynamics from the University of Bradford in the United Kingdom, his MBA in accounting from Xavier University in Ohio, and his PhD in business administration from Nova University. Ray is also certified in financial management and is a certified management accountant (CMA), a certified business appraiser (CBA), and holds the accredited valuation analyst credential from the National Association of Certified Valuators and Analysts (NACVA). He recently became certified in IFRS though the Institute of Chartered Accountants in England and Wales.
Non-Member Price $338.00
Member Price $294.00