ASC 842: A Detailed Example (a webevent brought to you by LeaseQuery)
Description
Join LeaseQuery for an example of how to apply the comprehensive new FASB lease accounting standard, ASC 842. The presentation will discuss the application of key dates, contract components, and the ultimate calculations necessary for compliance.
Learning Objectives
Upon completion of this course, participants will be able to determine a lessee’s appropriate accounting term, differentiate between lease components, non-lease components, and non-components, and reperform a basic calculation example of the lease liability and ROU Asset under ASC 842 guidelines.
Major Topics
Identification of key lease dates
Recognition of contract financial components and their applicability towards the lease liability calculation
Determination of appropriate discount rate
Presentation of initial and subsequent journal entries under ASC 842
