The past few years have seen the issuance of significant new accounting standards by the FASB, which to a certain degree will have a long-lasting effect on virtually all companies. The new guidance on revenue (ASC 606), leases (ASC 842), and financial instruments (ASCs 321, 326, and 815) can be complex to apply and may have significant impact on companies. Collectively, we call these the FASB’s Big 3 new standards.
In this course, we will do a detailed review of the new accounting and disclosure requirements of ASC 842, which will see virtually all leases being recorded by companies. The course will cover all aspects of ASC 842 from the perspectives of both the lessor and lessee, including lease classification, liability calculation, and initial and subsequent recording and transition.
While the implementation date of ASC 606 has passed for most companies, many are still wrestling with mastering the finer points of the FASB’s new revenue recognition guidance and fine-tuning their disclosures. The course will review these finer points of the new guidance and address hot topics in applying ASC 606, such as exploring the impact of COVID-19 on a company’s revenue recognition practices.
Lastly, through a series of ASUs the FASB introduced significant changes to the recognition and accounting for equity securities, impairment losses, and hedge transactions. Often the implementation of this new guidance has very unexpected outcomes for companies, impacting them in ways, sometimes negative, that they never expected. You do not want to be surprised when it comes to these new standards.
With all this change going on it is important to stay current on the latest technical guidance and to be prepared for the impact of its adoption. This course is the place to go for that understanding.
This course features a live instructor and has been specifically designed for the NJCPA.
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
BENEFITS
- A comprehensive review of the lease accounting guidance
- Lessee vs. Lessor accounting
- The FASB’s issued ASUs relating to financial instruments impairment and hedging
- Application of Topic 326 to accounts receivable balances
- Lessons learned and best practices related to revenue recognition
HIGHLIGHTS
- Review the FASB’s new lease accounting guidance
- Be familiar with the FASB’s new guidance covering the new ASUs dealing with recognition and measurement, impairment, and hedging
- Identify best practices and areas for improvement related to revenue recognition
COURSE LEVEL
Intermediate
PREREQUISITES
Experience in financial accounting and reporting
ADVANCE PREPARATION
None