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 course 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 application of the standard.
This course explains the lessee accounting model, including lease classification,
amortization of the right-of-use asset, and interest on the lease liability. This
course also explains the lessor accounting model, including transfer of risk, profit
recognition, and collectability. Additional topics include short-term leases,
purchase options, variable lease payments, and sale and leaseback transactions.
In addition, this course addresses the business context of implementing the new
standard by identifying key factors for managing this significant change.
• 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
• 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
Accountants in practice and
Experience in application of
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