Sometimes we can avoid addressing the elephant in the room for a while. However, when there are three elephants in the room, it's time to address the issues. Designed for practitioners and their staff, whether in public accounting or business and industry, this course provides a comprehensive review and update of the FASB's Big 3 accounting and reporting areas: Revenue Recognition, Leases, and Financial Instruments, including equity securities, hedging and impairment. We will focus on recently issued Accounting Standards Updates, covering these critical areas of your practice or organization. We will analyze the Big 3, which have a major effect on all industries, using examples and illustrations to provide a hands-on approach that will help you better assess and implement the new standards and guidance applicable to your clients or organization.
Learning Objectives
- Understand and apply the FASB's new revenue recognition standard found in ASC Topic 606
- Review the FASB's new lease accounting guidance
- Be familiar with the FASB's new guidance covering the new ASUs dealing with recognition and measurement, impairment, and hedging
Major Topics
- The FASB's comprehensive new revenue recognition standard, Topic 606, Revenue from Contracts with Customers, and recent updates to the standard
- The new five-step principles-based revenue recognition model
- Revenue presentation, disclosures, and implementation guidance and illustrations
- The FASB's new ASU, Leases (Topic 842), including recent updates to the new guidance
- Overall lease accounting guidance
- Lessee vs. Lessor accounting
- The FASB's issued ASUs relating to financial instruments on recognition and measurement, impairment, and hedging
