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

CPE Credit:	2 hours for CPAs

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

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