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Which leases are within the scope of FASB ASC 842, Leases, and what are the basic accounting, financial reporting and disclosure requirements? This course addresses those questions by focusing on the basic core principles of this new major standard. Discussion includes basic identification, recognition, measurement, presentation and disclosure requirements. Case study exercises are included to illustrate application of the standard.
This course discusses the lessee accounting model, including lease classification, amortization of the right-of-use asset, and interest on the lease liability. This course also discusses the lessor accounting model, including profit recognition and collectability.
This course is intended to familiarize the learner with the key aspects of the new leases standard, FASB ASC 842. When you complete this course you will be able to:
• 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 presentation requirements for lessees and lessors under FASB ASC 842.
• Recognize business factors to consider when implementing FASB ASC 842.
Lease classification
• Amortization of the lease asset
• Derecognition of the underlying asset
• Recognition of lease receivables
Accountants in practice and industry
Experience in application of accounting standards
None
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