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FASB Big 3 - What you Need to Know About Rev Rec, Leases, and Credit LossesCode: 21-FASBBIG3
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Course description and objectives:
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.
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
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
Presentation Method: Self-Study
CPE credit: 5 Hours
Program Level: Update
Advance Preparation: None
Exam expiration date: Participants must submit exams for grading within one year from the date of purchase
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