Wolters Kluwer's FASB's Big 3 Project Overview: Leases, Financial Instruments, and Revenue Recognition
September 30, 2021
3:00 PM ET
Special BKR Fee: $75
Instructor: Pat Patterson
CPE Credit: 2 hours
This session is an update on the FASB’s Big 3 Project involving Revenue Recognition, Financial Instruments, and Leases. The FASB issued Accounting Standards Update (ASU) No. 2014-09 in 2014, and ASU 2016-01 on financial instruments and 2016-02 on leases in 2016. All of the standards have had significant amendments and updates in the following years. These standards and amendments affect all entities (public, private, and not-for-profit). However, there are some exceptions. For instance, leases accounted for under FASB ASC 840; insurance contracts accounted for under FASB ASC 944; financial services—insurance; most financial instruments; and guarantees (other than product or service warranties) are excluded from the Revenue Recognition Standards as they are covered by their own standards. The new standards require significantly more disclosure than prior (GAAP). All of the standards and amendments have been impacted by the COVID-19 Pandemic, which is dealt with in this presentation.
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