Key Principles of Revenue Recognition & Leasing
This course provides an overview of the key principles related to both revenue recognition and leasing transactions. The revenue recognition guidance is included within ASC Topic 606 and includes a five-step model identifying a contract, identifying performance obligation, determining the transaction price, allocating the transaction price to performance obligations, and recognizing revenue. The lease accounting and reporting requirements are outlined in ASC Topic 842. This topic addresses areas such as how to correctly identify a lease within a contract, as well as the overall recognition, measurement, subsequent measurement, and disclosure requirements.

Course Publication Date: February 05, 2022

This course is available with NO ADDITIONAL FEE if you have an active self study membership or all access membership or can be purchased for $40.00!

Author:Kelen Camehl
Course No:ACT-KEYRR-8262
Recommended CPE:4.00
Delivery Method:QAS Self Study
Level of Knowledge:Overview
Prerequisites:None
Advanced Preparation:None
Recommended Field of Study:Accounting
  
Learning Objectives
  • List the five steps involved in the new 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.
  • Identify considerations with respect to substitution rights.
  • Identify the criteria for the new finance lease and short-term leases.
  • Recognize the new recognition and measurement requirements for both lessees and lessors.
  • Identify the requirements related to lease modifications.
  • Identify presentation and disclosure requirements for both lessees and lessors.

CPE Depot Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

Sponsor Number: 109423

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