Key Principles of Revenue Recognition & LeasingCode: 23-REVLEASE

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Course Details

71 pages

Course description and objectives:

This course provides an overview of the key principles related to both revenue recognition and leasing transactions. The revenue recognition guidance is included within ASC Topic 606 and includes a five-step model identifying a contract, identifying performance obligation, determining the transaction price, allocating the transaction price to performance obligations, and recognizing revenue. The lease accounting and reporting requirements are outlined in ASC Topic 842. This topic addresses areas such as how to correctly identify a lease within a contract, as well as the overall recognition, measurement, subsequent measurement, and disclosure requirements.

Course Objectives:

After reading the materials, participants will able to:

  • List the five steps involved in the new revenue recognition model
  • Recognize the considerations involved in identifying whether a contract exists
  • Determine whether an arrangement contains a lease
  • Identify considerations with respect to substitution rights

Presentation Method:  Self-Study

 

Category:  Accounting

CPE credit:  4 Hours

Program Level:  Update

Prerequisites:  None

Advance Preparation:  None

Exam expiration date:  Participants must submit exams for grading within one year from the date of purchase

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