Upon successful completion of this course, participants will be able to: Recognize how the new revenue recognition standards were developed between the FASB and IASB 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 Identify presentation issues with respect to contract assets and contract liabilities Understand the overall disclosure requirements and transition methods related to the new standards Recognize key amendments from ASUs issued subsequent to the initial release of the new revenue recognition standards Recognize how the leasing standard has evolved and how the new standard is organized Determine whether an arrangement contains a lease Identify considerations with respect to substitution rights and decision-making rights Identify the criteria for the new finance lease and short-term leases Recognize the 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 Identify the criteria used for sale and leaseback transactions Identify the considerations with respect to a lessee's involvement in construction of a leased asset 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 significant differences between ASC 842 and IFRS 16 Recognize considerations of and alternatives provided to private companies

Revenue Recognition Leasing Transactions Contract Balances Subsequent ASC 606 Amendments Lease Modifications Assets under Construction Transition Requirements IFRS Differences