FASB's Big 3 Project Overview: Leases, Financial Instruments & Revenue Recognition (Completed)

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.

Who Should Attend
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

• All of the "Big Three" are part of a joint effort between the FASB and the IASB and represent a major convergence from both sides
• The impact of leases on leasees and lessors, the reporting of "right of use assets", and the reporting and measurements of lease liabilities will be discussed
• Issues involving measurement, amortization, options, variable leases, and components of a lease, effective dates, and transition to the new standard will be dealt with
• Financial instruments and their measurement and recording plus their issues on impairments are looked into
• For Revenue Recognition the 5 step core principles for revenue recognition will be examined
• Issues in revenue recognition that involve principals' vs agents, timing, disclosures, and other matters on reporting, disclosure, and measurements will be discussed
• Revenue Recognition's effect on taxation, loan covenants, and other issues are detailed

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"

Level
Overview

Instructional Method
Group: Internet-based

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