Learn about the new professional standards from the FASB known as the “Big 3 Project”. This project represents significant changes in authoritative professional standards concerning leases, financial instruments, and revenue recognition matters. In addition there are “changes to the changes” which are important. These areas and standards are explained, discussed, and illustrated for examples.
Publication Date: September 2020
Designed For
Professionals in public practice, industry, government, and education who deal with nonpublic entities and need a course on how to handle the major “FASB BIG 3” issues of leases, financial instruments, and revenue recognition.
Topics Covered
- Revenue Recognition
- Post”Standard Activity
- Step 1: Contract
- Step 2: Performance Obligations
- Step 3: Transaction Price
- Step 4: Allocate the Transaction Price
- Step 5: Recognize Revenue
- How Will the New Standard Change Current GAAP?
- Disclosures
- Changes to the Changes
- Financial Instruments
- Leases
- Changes to the Changes for Leases
- FASB's ASU 2020”05
Learning Objectives
- Recognize the major issues of the "Big Three Project"
- Identify how to properly handle the reporting requirements of the Major components of the Big Three..
- Recognize how to properly record, report, and disclose the various issues in the "Big Three"
- Identify true statements regarding Financial Instruments ASUs and how they apply
- Recognize the steps for recognizing revenue under FASB 606
Level
Overview
Instructional Method
Self-Study
NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)
Program Prerequisites
Participants should have a general knowledge of generally accepted accounting principles and attest engagement standards.
Advance Preparation
None
Instructor
Pat Patterson
Cecil Patterson, (Pat), CPA, MBA, is an award-winning, nationally recognized author, speaker, and discussion leader for continuing education courses and numerous state societies. He has experience at the local and national CPA-firm level and as an adjunct university professor.
Pat holds an MBA from the University of North Florida and is a CPA and owner of the firm of Cecil Patterson, CPA. His firm provides, accounting, tax preparation and tax planning services, wealth management services, and consulting for businesses and other professional firms.
Pat has served on the AICPA Council, the FICPA Council, and the FICPA Educational Foundation Board of Trustees.