The Bottom Line on the New Lease Accounting Requirements
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Which leases are within the scope of FASB ASC 842, Leases and what are the basic accounting, financial re-porting and disclosure requirements? This course addresses those questions by focusing on the basic core prin-ciples of this new major standard. Discussion includes basic identification, recognition, measurement, presen-tation 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.
When you complete this course, you will be able to:ú Recognize arrangements which meet the scope requirements for lease accounting under FASB ASC 842 ú Recognize lessee accounting requirements for operating leases and finance leases under FASB ASC 842 úRecognize lessor accounting requirements for sales-type, direct financing and operating leases under FASB ASC 842 úRecognize presentation requirements for lessees and lessors under FASB ASC 842 ú Recognize business factors to consider when implementing FASB ASC 842
Lease classificationAmortization of the lease asset Derecognition of the underlying asset Recognition of lease receivables