Revenue Recognition & Lease Accounting: Implementing the Two Hottest New FASB Standards Self-Study Webinar (5 Hours)

America's leading experts will update you on recent developments and show you proven real-world strategies to implement the New Revenue Recognition and Lease Accounting Standards.

Revenue Recognition & Lease Accounting: Implementing the Two Hottest New FASB Standards Self-Study Webinar (5 Hours)

CPE Credit: 5 Hours

Price: $299.00

NASBA Field of Study: Accounting

 

Overview

In this information-packed self-study webinar, our experts will bring you up to speed on the latest, proven best practices for implementing the New Revenue Recognition and Lease Accounting Standards, along with all the recent updates and rulings from FASB.
 

AGENDA HIGHLIGHTS


Part 1: Revenue Recognition Standard: Transition & Implementation

• Background and overview

• Five Step Model for Recognizing Revenue

• Other considerations
  – Licenses
  – Principal vs. agent considerations and more

• Disclosures
  – Disaggregation of revenue
  – Reconciliation of contract balances

• SAB 74 considerations—transparent disclosures about the effect of implementation

• Transition Resource Group Consensus and industry task forces update

• Transition considerations
  – Effective date and adoption methods
  – Transition examples

• Implementation issues
  – Project management and internal dynamics
  – Issue analysis
  – Transactions and deals
  – Technology and systems
  – Communications

 

Part 2: Accounting for Leases: Implementation & Transition for Lessees & Lessors

• Purpose and scope of the new Leasing Standard

• Transition methods and effective dates

• Understanding the definition of a lease

• Separating lease and non-lease components

• Key definitions and concepts (lease term, commencement date, lease payments, discount rate)

• Issues to be discussed include:
   – Lease classification and financial statement impact
   – Lessee and lessor accounting and presentation

• Transition and disclosure
   – Enhanced qualitative and quantitative disclosures
   – Evolving SAB 74 disclosures

• Impact the New Standard will have to ICFR

• Implementation considerations, including impact to processes and systems

 

LEARNING OBJECTIVE  To provide you with a thorough explanation of the ins and outs of the New Revenue Recognition and Lease
Accounting Standards and show you the best ways to implement and transition to these new standards.

PREREQUISITE  None.    ADVANCE PREPARATION  None.    PROGRAM LEVEL  Update.   NASBA FIELD OF STUDY  Accounting.
DELIVERY METHOD  Self-Study.

Speakers

SPEAKERS


Reto Micheluzzi, Accounting Advisory Partner, PwC

Angela J. Newell, National Accounting Partner, BDO

Michael Ussery, Accounting Consultant/Principal, Pt. Platinum Consulting

Shauna Watson, Global Managing Director, Finance & Accounting, Resources Global Professionals

Detailed Learning Objectives

Identify the scope of the lease standard

Identify the lessee’s treatment of finance lease payments on the income statement

Identify the lessee’s treatment of operating and finance lease payments in the statement of cash flows

Recognize those leases for which the lessee must identify a right-of-use asset and a lease liability

Recognize the lease term for which a lessee may elect not to capitalize the underlying lease

Recognize the lessor model of accounting under ASC 842

Identify the appropriate initial lease term

Identify the lessee’s initial lease liability to be recognized

Identify transitional relief available in the period of adoption of the lease standard

Recognize the lease period for which entities may elect not to disclose short-term leases costs

Identify the approach to revenue recognition prior to the new revenue recognition standard

Identify the overall effect of the revenue recognition standard

Identify common revenue recognition implementation issues experienced by public companies

Identify common revenue recognition implementation issues experienced by private companies

Recognize the new judgments that are necessary under the revenue standard

Recognize the extent to which public companies chose the modified retrospective method to transition to the revenue standard

Identify recommended communication strategies to stakeholders for revenue recognition changes

Identify recommended tips for working with the outside audit team on revenue recognition

Identify IT systems requirements for revenue recognition implementation