This course combines an in-depth overview of revenue recognition principles under ASC 606 with a comprehensive guide to lease accounting standards under ASC 842. It covers the five-step model for recognizing revenue, including contract identification, transaction price measurement, and allocation to performance obligations. Additionally, it provides insights into lease identification, classification, initial and subsequent measurement, and the presentation and disclosure requirements for leases. Together, these topics equip financial professionals with the knowledge needed to navigate two critical areas of U.S. GAAP.
Course Publication Date:
April 09, 2025
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-8265 |
| Recommended CPE: | 4.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Overview |
| Prerequisites: | None |
| Advanced Preparation: | None |
| Recommended Field of Study: | Accounting
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Learning Objectives
- List the five steps involved in the 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 as well as how to classify that lease.
- Recognize the recognition and measurement requirements for both lessees and lessors.
- Identify the classification criteria for sales-type, direct financing, and operating leases.
- Identify the overall requirements for lease modifications.
- Recognize the criteria used for sale and leaseback transactions.
- Identify the presentation requirements for both lessees and lessors.