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FASB's "Big 3" – Revenue Recognition, Leases, and Financial Instruments (FSBT)

  • Format Live Seminar
  • Credits 8
  • Level Intermediate
  • Field of Study Accounting (8)

To register for a live seminar, visit the sponsoring state society’s website.

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Overview

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. We will focus on recently issued Accounting Standards Updates and Exposure Drafts, 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.

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
  • Key differences between current U.S. GAAP and the new revenue recognition guidance
  • The FASB’s new ASU, Leases (Topic 842)
  • Overall lease accounting guidance
  • Lessee vs. Lessor accounting
  • Sale and leaseback transactions
  • The FASB’s issued ASUs relating to financial instruments on classification and measurement, impairment, and its recent exposure draft on hedging

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 financial instruments project covering the new ASUs dealing with classification and measurement and impairment, as well as the status of the hedging project

Who should take this course:


Practicing CPAs and their staffs, both in public accounting and business and industry -- controllers, accountants, and other financial accounting personnel involved in financial statement preparation and review

Experience in financial accounting and reporting

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