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Event Description

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.

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

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

Major Subjects

  • 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

Prerequisites

Experience in financial accounting and reporting

Instructions

When you purchase a Surgent CPE on-demand course, it must be taken by June 30, 2019, to receive credit.
Within 5 minutes after your purchase, you will receive an email from info@surgent.com that explains how to access your course and materials.
Once you complete a course, please allow up to 30 days to receive you certificate of completion.
If you have further questions, please email info@surgent.com or call 800.778-7436. Their help lines are staffed Monday-Friday from 8:30 am to 5 pm Eastern Time.