Leases: Mastering the New FASB Requirements

Description

Do you know which leases are within the scope of FASB ASC 842, Leases and how to apply the new financial accounting, financial reporting and disclosure requirements of this new major standard?

This webcast addresses those questions by examining the core principles of the standard, including identification, recognition, measurement, presentation and disclosure requirements. Examples with journal entries are included to illustrate how to apply the standard.

Additionally, you will learn:

– The lessee accounting model, including lease classification, amortization of the right-of-use asset, and interest on the lease liability

– The lessor accounting model, including transfer of risk, profit recognition and collectability

– Short-term leases, purchase options, variable lease payments, and sale and leaseback transactions

– The business context of implementing the new standard by identifying key factors for managing this significant change

Learning Objectives

– Recognize arrangements which meet the scope requirements for lease accounting under FASB ASC 842
– Recognize lessee accounting requirements for operating leases and finance leases under FASB ASC 842
– Recognize lessor accounting requirements for sales-type, direct financing and operating leases under FASB ASC 842
– Recognize accounting requirements for lease modifications under FASB ASC 842
– Recognize accounting requirements for sale and leaseback transactions under FASB ASC 842
– Recognize presentation requirements for lessees and lessors under FASB ASC 842
– Recognize business factors to consider when implementing FASB ASC 842

Major Topics

* Lease classification
* Amortization of the lease asset
* Derecognition of the underlying asset
* Recognition of lease receivables
* Lease modifications:
* Sale and leaseback transactions
* Presentation, disclosure and transition requirements
* The business context for implementing FASB ASC 842

Provider
AICPA
Course Level
Intermediate
Professional Area of Focus
Accounting and Auditing
Accounting & Auditing
CPE Field of Study
Accounting
8
Who Should Attend

Accountants and finance professionals

Instructor(s)
Daryl Krause
Prerequisites

Experience in application of accounting standards

Advanced Preparation

None

Location
Online – AICPA Platform
Event Information
When
Apr 22, 2022
9:00 am - 5:00 pm EDT
Location
Online – AICPA Platform
Total CPE Credits
8
Format
Webcast Replay

MEMBER


$ (% off)
$279.00

NON-MEMBER


$ (% off)
$339.00
Become A Member

Register for this Event

Leases: Mastering the New FASB Requirements


Loading
Your browser is out-of-date!

Update your browser to view this website correctly.

Update my browser now

×