FASB’s Lease and Revenue Recognition Standards: Implementation and COVID-19 Challenges Webcast

Oct 29
12:30 - 4:00 p.m.

Online

2-A&A; 2-A&A
CPE Credits

Gain an understanding of the complexities of the new FASB lease standard and related implementation challenges. Explore the practical challenges and complexities within the new standard and how they apply to you. Learn the basics of FASB Accounting Standard Update for Revenue from Contract with Customers Topic 606, including the scope, effective dates, and recent FASB activities. Explore practical implementation challenges, accounting for contract modifications, and changes resulting from COVID-19 disruptions.
Highlights
* FASB’s Accounting Standard Update for Leases Topic 842 * Key differences between FASB ASC Topic 842 and ASC Topic 840 * Commitments that are on the balance sheet * Operating leases * Finance leases * Allocating consideration to lease and nonlease components * Lease payments, discount rate, inception date, commencement date, and lease term * Impairments of right-of-use asset, modifications, subleases * Policy elections and disclosures * Implementation of the five-step model outlined in FASB’s Accounting Standard Update – Revenue from Contract with Customers Topic 606 and the latest FASB activity * Revenue recognition issues related to the impact of collectability, variable consideration such as refunds, rebates, and contract modifications, significant financing, and onerous contracts * Sample financial statement presentation and disclosures for revenue recognition * Policy elections and disclosures

Registration

PICPA Member: $139
Nonmember: $189

More Information

Course No. 784506

Level: Update

Prerequisites: None

Notes
This is a four-credit seminar

Speaker(s)

Allison Henry

Vice President - Professional & Technical Standard
Pennsylvania Institute of CPAs