Lease Accounting - Making Sense of the Standard 26-27

Overview

This program makes sense of the controversial lease standard. The subtleties of the standard make it difficult to implement and monitor. There will be a detailed discussion on what constitutes a lease, how to monitor them, and ongoing challenges.

Highlights

• What control of assets constitute a lease
• Embedded leases
• Fixed and variable consideration
• Determining the lease term
• Modifications and assessments
• Related party leases
• Presenting leases on financial statements
• Components of calculating liabilities and rights of use

Prerequisites

None.

Designed For

CPAs and other financial professionals in public and private practice.

Objectives

• Understanding of application of the new lease standard.
• Recognize the differences between the old standard in Topic 840 and the new standard in Topic 842.
• Recognize the applicability of the standard and the challenges in identifying when a lease exists.
• Calculate and report lease liabilities and right-of-use assets
• Determine how to calculate the lease term, lease payments, and lease reclassifications.
• Identify the financial statement presentation of leases on the balance sheet, income statement, and statement of cash flow.

Preparation

Working knowledge of the topic.

Notice

This is a pre-recorded broadcast. The Instructor will be available via the live chat feature.