Revenue Recognition and Leasing – Essential Concepts for Financial Professionals ON DEMAND
Available Until
Your Desk
4.0 Credits
Member Price $116.00
Non-Member Price $133.00
Overview
This course combines an in-depth overview of revenue recognition principles under ASC 606 with a comprehensive guide to lease accounting standards under ASC 842. This course covers the five-step model for recognizing revenue, including contract identification, transaction price measurement, and allocation to performance obligations. Additionally, our course provides insights into lease identification, classification, initial and subsequent measurement, and the presentation and disclosure requirements for leases. Together, these topics equip financial professionals with the knowledge needed to navigate two critical areas of U.S. GAAP.
Highlights
Revenue recognition. Identify the contract with a customer. Identify the performance obligations in the contract. Determine the transaction price. Allocate transaction price to performance obligations. Recognize revenue when performance obligations are satisfied. Scope. Lease determination. Lessee lease classification. Recognition and measurement. Subsequent measurement. Lessor accounting. Lease modifications. Sale and leaseback transactions. Financial statement presentation requirements. Disclosure requirements. Top challenges in ASC 842.
Prerequisites
None.
Designed For
CPAs, CEOs, CFPs, and other accounting professionals.
Objectives
List the five steps involved in the 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. Determine whether an arrangement contains a lease as well as how to classify that lease. Recognize the recognition and measurement requirements for both lessees and lessors. Identify the classification criteria for sales-type, direct financing, and operating leases. Identify the overall requirements for lease modifications. Recognize the criteria used for sale and leaseback transactions. Identify the presentation requirements for both lessees and lessors.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Kelen Camehl, Western CPE
Kelen is a recognized author and reviewer of CPE courses and has authored over 85 courses (225+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. His courses are available for purchase from many online CPE providers including the AICPA. Kelen has also remained involved in CPA exam content development for nearly 10 years and has authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s “Journal of Accountancy”.
Kelen has over 15 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Consultant with HP, Inc. in Dallas, TX. Most recently he was located in Budapest, Hungary on a three-year international assignment and served in the company’s Houston, TX location prior to this assignment. Prior to HP, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors.
Non-Member Price $133.00
Member Price $116.00