5.5 CPE In the past few years, the FASB has released several significant accounting standards which have brought about sometimes sweeping changes to U.S. GAAP. Many of these new standards have required significant resources and sometimes lengthy implementation times.
This course focuses on the key requirements from what is commonly referred to as the “Big 3”. This includes the new standards related to revenue recognition, leases, and credit losses on financial instruments. Even though some of the Accounting Standards Updates (ASUs) which drove these changes have been out for years, many entities have still yet to adopt all the requirements.
Learning Objectives
- Explore the list the five steps involved in the new 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.
- Discover whether an arrangement contains a lease.
- Identify the criteria for the new finance lease and short-term leases.
- Recognize the new 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.
- Recognize 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.
- Identify the effective date for the new lease accounting standards.
- Identify the key provisions as it relates to the new credit losses standard.
- Recognize the credit loss measurement requirements for assets measured at amortized cost.
- Recognize the credit loss measurement requirements for available-for-sale debt securities.
- Identify the financial statement disclosure requirements related to credit losses.
- Identify the effective date and transition requirements for the new credit loss standard.
Last updated/reviewed: March 11, 2024
53 Reviews (229 ratings)
Reviews
Wen Xiao
(CPA at Virtual Accountant Pro)
It's organized neatly and it's easier to follow with all the necessary details. I like the thought process of the material presentations in the text and also gets updated with the current year change notes. It would be helpful if there are some detailed example illustration and accounting entry details, showing before and after effects on financials.
Derek Ettinger
( at GP Fund Solutions, LLC)
While the material in this course was thorough, I felt it packed too much into a single course. The concepts for each of the three big FASB changes are quite detailed and complex. A course that discusses all three should probably be more of an overview, with standalone courses being more appropriate for in-depth discussion.
Anonymous
(Associate Director)
The course provides a great overview of the three big accounting standards. The course will provide you a great introductory step into these standards. The guide is great and provides some real-life examples to go through and understand.
Anonymous
(Owner)
The significant level of changes made to two of the most common technical areas I'm involved with - Lease and revenue recognition - are amazing. Excellent summary and examples for all three areas.
Anonymous
(Controller)
The information presented was helpful and straightforward. However I did see several typos and incorrect words throughout the text that should be corrected to make this course better.
Anonymous
(Senior Internal Auditor)
This course was a bit difficult due to lack of previous knowledge and reading through the course materials instead of instructed lead. Overall, the course was very educational.
Erin McCorry
(Accounting Manager at Ascend Wellness Holdings)
Provided in depth training on three of the biggest guidance changes in previous years. In some ways a good refresher, other ways provided additional information to apply daily.
Anonymous
(Director)
Much of this material was also covered in the individual topics from the same instructor. I wish I had done this one first, as I would have skipped some of the others.
vicki noel
( at DE)
In my opinion, this class cover very complicated topics that affect many businesses. The course material will be good to have to go back and refer to if/when needed.
Daiane Cavalcante
(Jr Manager Accountant at Hookipa Pharma Inc)
Course was very good, if there was a video in my opnion it'd be even better. Nevertheless, it approached all subjects very easily and in a dinamic way.
Anonymous
(Sr. at Cash)
This is a very great course with very informational material. The revenue recognition, lease, and credit loss are very timely updates from FASB
Anonymous
(Senior Auditor)
I am not a fan of the text based courses, I feel they lack a certain life to them. I would have to have this course done in a video session
Anonymous
(VP Technical Accounting)
Good information on CECL, Rev Rec and Leases. I liked the discussion of the 5 steps and lease definition and CECL disaggregted disclosures
Anonymous
(Controller)
These are the latest big-3 items that many accountants have to deal with. This is a great review of the major points of these items.
Anonymous
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This is a great review of the Big 3 recent accounting standards. This instructor does a great job summarizing complex material.
Anonymous
()
Course is well organized. This would benefit both accountants in need of a refresher as well as those new to the standards.
Anonymous
(Director - Data Analytics, Sales and Pri..)
Great overview of some of the critical elements of new changes to FASB guidance. Very easy to follow and well organized.
Lance Bisesar
( at Casper Sleep, Inc.)
Great course to stay updated with recent most important FASB updated. important for reporting, adoption and recognition.
Inna Shmukler
(Controller at Fornetix LLC)
Very informative course. Very useful to get some basic knowledge about three new FASB. Very well organized and presented.
Anonymous
(Accounting Manager)
Very thorough course, a lot of information and somewhat challenging if you don't deal with leases often in practice.
Anonymous
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Anonymous
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The FASB Big 3 - What You Need to Know About Rev Rec, Leases, and Credit Losses (Text Based Course) - great course
Anonymous
()
Topics were easy to follow;
Diagrams for revenue recognition were helpful;
Enjoyed the layout for each topic
Hannah Niman
( at Live Nation Entertainment)
Very good text for these topics. Easy to read and search, I will definitely be referencing this in the future.
Anonymous
(Controller)
Excellent overview of Rev Rec, Leases and Credit Losses. Offered sufficient guidance to dig deeper as needed.
Anonymous
()
This was a text based course - meaning it's just a pdf of information that you read, followed by an exam.
Blayne Smith
( at RealPage)
Quick and effective. Information was laid out appropriately and concisely and allowed for easy review.
Anonymous
(Consultant)
Good course that gives updates on several topics and is informative about the changes and procedures.
Anonymous
()
good level of explanations, liked how this tied all 3 big topics together to remind me about them.
Anonymous
()
Great course, really enjoyed the summary of new accounting pronouncements. Very helpful summary.
Anonymous
(Director of Capital Accounting)
The information presented valuable insight into the rev rec, lease accounting, and credit ASUs.
Anonymous
(Accounting Manager)
Great course that provided great summaries to these 3 very important topics. Highly recommend.
Robb Harrison
(Senior Financial Analyst at Havas Media)
Very helpful. I have reviewed this material before, but it was great to get a refresher on it.
Anonymous
(-)
Great overview of these important accounting standard updates. Thanks for the great course.
Abraham Minto
( at Abraham Minto LLC)
Kelen's publication on Rev Rec, Leases, and Credit Losses was well prepared. Would be be
Anonymous
()
This course was very well timed for me as we are going through a Revenue study at work.
Anonymous
(Financial Systems)
thank you, enjoyed taking this online course. it was very informative and easy to learn
Anonymous
()
Easy to read and understand, especially when guidance is sometimes confusing to read.
Drew Schiess
(Accounting Manager at Conga)
PDF is a good resource for quick answers about rev rec, leases and credit losses.
Anonymous
(Partner)
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CLAUDIA JONES
(ACCOUNTANT at Southwestern Energy)
Best course yet on the topics of revenue recognition, leases, and credit losses.
Anonymous
()
This guide was helpful and I will use the pdf as a reference tool - thank you
Anonymous
(Consultant)
The reference material was well organized and thorough. Fair test questions.
Cody Compton
(CFO at ENTACT, LLC)
Well laid out and easy to follow. Relevant information on new topics.
Anonymous
(Director Net Revenue)
Thorough materials - very long read but laid out in a logical fashion
Anonymous
(Director)
Great and relevant topic and really great use of the examples noted.
Anonymous
()
Well presented, easy to follow, not dull. Informative and relevant.
PHILLIP CUNHA
( at CP)
great course! wow, very informative, love all text based courses!
Anonymous
(CPA / Owner)
Text is well written and will provide a useful future reference.
Anonymous
(Senior Revenue Manager)
I enjoyed the course, and I found it very informative.
Anonymous
(Financial Analyst)
Helped me understand the topic! Worth taking, not easy!
Claire Long
( at Texas Slots & Gaming)
This was a really good overview of these three topics.
Anonymous
(Senior Manager - Corporate Development a..)
Excellent text - well organized and easy to follow.
Prerequisites
Course Complexity: Intermediate
No advanced preparation or prerequisites are required for this course.
Education Provider Information
Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA
95113
Contact:
For more information regarding this course, including complaint and
cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to
.
Kelen CamehlCPA, MBA
About Illumeo
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