The Bottom Line on the New Lease Accounting Requirements

Thursday, June 10, 2021
Webcast or Webinar, Online
9:00 AM - 1:00 PM (opens at 8:30 AM) EST
4Credits
Accounting and Auditing

Registration is Closed

Online registration for this course is now closed. Please contact the Member Service Center at (800) 342-3197 if you wish to inquire about registering.

Members
$179.00 Regular Price
Non-Members
$219.00 Regular Price
Course Type: Webcast
Course Code: 21/AI019758
Level: Intermediate
Vendor: AICPA CPE Division
Field of Study: Accounting

Overview:

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.

Objectives:

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

Major Topics:

Lease classification

Amortization of the lease asset

Derecognition of the underlying asset

Recognition of lease receivables

Designed For:

Accountants in practice and industry

Prerequisite:

Experience in application of accounting standards