Even with the effective date of Topic 606, it continues to be a very dynamic time in the world of accounting and financial reporting, with many significant new accounting standards becoming effective around the same time. Designed for practitioners and their staff, whether in public accounting or business and industry, this course provides a comprehensive review and update of the FASB’s Big 3 accounting and reporting areas: leases, financial instruments, and sustaining the efforts related to revenue recognition. We will focus on recently issued Accounting Standards Updates, covering these critical areas of your practice or organization. We will provide deep dive implementation guidance related to leases and financial instruments, including hedge and derivative accounting and impairment, as well as review best practices, lingering implementation issues and ways to sustain the recording of revenue under Topic 606. The course will use examples and illustrations to provide a hands-on approach that will help you better assess and implement the new standards and guidance applicable to your clients or organization.
This course features a live instructor and has been specifically designed for the NJCPA.
Practicing CPAs and their staffs, both in public accounting and business and industry -controllers, accountants, and other financial accounting personnel involved in financial statement preparation and review
- Understand and apply the FASB’s new revenue recognition standard found in ASC Topic 606.
- Review the FASB’s new lease accounting guidance.
- Be familiar with the FASB’s new guidance covering the new ASUs dealing with recognition and measurement, impairment, and hedging.
- Identify best practices and areas for improvement related to revenue recognition.
- A comprehensive review of the lease accounting guidance
- Lessee versus Lessor accounting
- The FASB’s issued ASUs relating to financial instruments impairment and hedging
- Application of Topic 326 to accounts receivable balances
- Lessons learned and best practices related to revenue recognition
Experience in financial accounting and reporting.