Self-Study

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

  • Tuesday, March 27, 2018 – Tuesday, April 30, 2019

  • 8
    CREDITS
    Accounting

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, 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.

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 recognition and measurement, impairment, and hedging

Highlights

  • 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 recognition and measurement, impairment, and hedging

Additional Information

Designed For

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

Vendor

Surgent

Advanced Preparation

None

Prerequisite

Experience in financial accounting and reporting

Field of Study

Accounting

Course Number

1825073

Level of Knowledge

Intermediate

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