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Key Principles of Revenue Recognition & Leasing
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Key Principles of Revenue Recognition & Leasing
Course Description:
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.
Learning Objectives:
Upon successful completion of this course, participants will be able to:
• List the five steps involved in the new revenue recognition modelCourse Description:
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.
Learning Objectives:
Upon successful completion of this course, participants will be able to:
• 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
Course Number:
KC30
NASBA Field of Study:
Accounting
Level:
Basic
Author/Instructor:
Kelen F. Camehl, CPA, MBA
Publication Date:
January 2022
CPE Credits:
4
Prerequisites:
None
Advanced Preparation:
None
KC30
NASBA Field of Study:
Accounting
Level:
Basic
Author/Instructor:
Kelen F. Camehl, CPA, MBA
Publication Date:
January 2022
CPE Credits:
4
Prerequisites:
None
Advanced Preparation:
None
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