This course provides a clear and practical overview of two essential accounting standards: ASC 606 on revenue recognition and ASC 842 on lease accounting. Participants will learn the five-step model for recognizing revenue, including identifying contracts, measuring transaction prices, and allocating those prices to performance obligations. The course also covers key topics such as determining when a contract exists, accurately measuring transaction prices, and presenting and disclosing contract assets and liabilities. Additionally, the course explains how to identify and classify leases, as well as the initial and subsequent measurement of leases. Presentation and disclosure requirements for leases are also included, providing participants with a solid understanding of these important standards.
Course Publication Date:
April 15, 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
$80.00!
| Author: | Kelen Camehl |
| Course No: | ACT-REVLEASE-14925 |
| Recommended CPE: | 8.00 |
| 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.
- Identify presentation issues with respect to contract assets and contract liabilities.
- Understand the overall disclosure requirements.
- Recognize top challenges companies face when recording revenue.
- Determine whether an arrangement contains a lease.
- Identify considerations with respect to substitution rights and decision-making rights.
- Identify the criteria for finance lease and short-term leases.
- Recognize the recognition and measurement requirements for both lessees and lessors.
- Identify the recognition criteria for sales-type, direct financing, and operating leases.
- Identify the overall requirements with respect to lease modifications.
- Identify the criteria used for sale and leaseback transactions.
- Identify the presentation requirements for both lessees and lessors.
- Recognize both qualitative and quantitative disclosure requirements for both lessees and lessors.
- Recognize considerations of and alternatives provided to private companies.