CPAR Accounting & Financial Reporting  |  Format: Flash

Implementing a New Standard: What You Need to Know

Course Overview
In recent years, accountants have spent a great deal of time and energy in assisting their clients with the implementation of FASB�s Big Three accounting standards: revenue recognition; lease accounting; and CECL. According to Sean Prince, with the national office of Crowe LLP, the implementation process is more likely to proceed to a successful outcome when you utilize a framework based on the Three C�s: completeness; clarity; and control.

Learning Objectives
Upon successful completion of this segment, you should be able to:

  • Recognize what companies should do when implementing a new accounting standard;
  • Identify the Three C's companies should follow in order to implement a new accounting standard smoothly;
  • Recognize what is meant by appropriate implementation; and
  • Identify the things companies should not do when implementing a new accounting standard.

    Catalog Number: CPAR1400-FM
    CPE Credits: 2 Registry / 2 QAS
    Author: CPA Report
    Advanced Preparation:
    Work experience in financial reporting or accounting, or an introductory course in accounting.
    Course Level: Update
    Field of Study: Accounting
    Content Partner: CPA Reports Online
    QAS: QAS Certified based on 50 minute hours.
    Course Type: Self-Study
    Minimum Passing Grade: 70%
      You are allowed 2 attempts to pass the final exam in a 30 day period. You will be locked out of the final for 30 days after any second failure.
    Soft/Hardware Reqs.:  Adobe Acrobat® Reader for the .pdf files
     56k or Greater Internet Connection
     Modern DHTML Compatible Browser
     Ram: 256 MB minimum
     Sound card with speakers/headphones
     Windows or Mac OS
    Release/Expiration Dates: Jul 31, 2019 / Sep 09, 2020