August 30, 2017

In-Person

Alabama Society of CPAs
1041 Longfield Ct, Montgomery, Montgomery County, Alabama 36117-8056

4 Total CPE Credits

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Implementing FASB's New Lease Standard - Examples and Practical Approaches

  • Instructor

    Ray Thompson

Changes to leases may cause disruption and change for preparers and users. The course aims to explain in no-nonsense fashion who will be affected and how to anticipate and work around their possible adverse consequences.

This course is also available as a webcast.  Please click here.

Learning Objectives

  • Participants will:
  • Understand the fundamental principles of the contract- based approach to revenue set out in ASU 2014-09
  • Study how basic guidance is interpreted in more complex transactions using extensive implementation examples.
  • Become aware of the multiple deliverables and percent of completion issues and their effect on revenue realization.
  • Understand how the transition from operating leases to capitalization will affect companies of all sizes
  • Learn how the balance sheet treatment of leases will alter financial statement numbers, ratios, and loan covenants
  • Become familiar with the right of use model for capitalizing leases

Major Topics

  • Why do we need the Big Three projects?
  • The asset-based approach to revenue recognition
  • The five step model for revenue recognition
  • Continuous delivery and percent of completion
  • The asset-liability approach to leases and its effect on the balance sheet and loan covenants
  • Implementing the right of use model for lessees and lessors
  • Implementation and transition considerations
  • Financial instruments and commercial entities - how much change should be expect?
  • Recognition, Measurement and Impairment

CPE Credits Available

4
Total CPE
4
Accounting & Auditing

Alabama Society of CPAs

1041 Longfield Ct, Montgomery, Montgomery County, Alabama 36117-8056

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Things to Know About This Course

Course Level

  • Update

Prerequisites

Prior learning or experience in revenue accounting

Advanced Preparation

None

Intended Audience

Preparers and accountants in public practice who need to understand how these standards are likely to alter their financial reporting.obligations

Provider

Business Learning Institute

This event has ended.