The Bottom Line on the New Lease Accounting Requirements

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  • Date/Time
    • Dec 2, 2021
    • Sign In: 12:00pm (MT)
    • Program: 12:15pm - 3:45pm (MT)
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  • Location
    • ISCPA Enrichment Center
      1649 W Shoreline Drive #202
      Boise, ID 83702
    • Map
  • Credits
    • 4.00
  • Credit Type(s)
    • Accounting (4.00)
  • Prerequisites
    • Experience in application of accounting standards

  • Vendor
    • AICPA
  • Level
    • Intermediate
  • Fields of Study
    • Accounting & Auditing
    • Accounting
    • Auditing
  • Message
    • 1/2 hour lunch included if attending both am & pm

Description

Please Join Us Virtually

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.

Designed For

  • Accountants in practice and industry

Objectives

  • 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.
  • Highlights

  • Lease classification
  • Amortization of the lease asset
  • Derecognition of the underlying asset
  • Recognition of lease receivables
  • Advanced Prep

    • Download Manual
    • Review ISCPA Parking Map

    Register Now

    Please see the event description for details on how to register for this event.

    If you have any questions, please email us at cpe@idcpa.org.

    Leaders

    Bruce Shepard

    Bruce Shepard, CPA Las Vegas, Nevada

    Bruce Shepard was most recently an assistant professor of accounting at George Fox University and an adjunct professor of accounting at the University of Oregon, prior to becoming an instructor for the AICPA in 2012. From 2006-2010, Mr. Shepard was the Chief Financial Officer of Las Vegas Gaming, Inc. in Las Vegas, Nevada, where he had full management responsibility for all financial affairs, daily business operations, administration and human resources. From 1985-2006, Mr. Shepard was in charge of the Middle Market Practice for PricewaterhouseCoopers, LLP in Portland, Oregon, where he served as an Assurance Partner from 1989-2006 focusing on providing proactive business advisory services to fast-growing companies.

    At PricewaterhouseCoopers, LLP, Mr. Shepard spearheaded over 100 acquisitions and divestitures by leading in the financial structuring and negotiations. He worked with clients to develop strategic plans for short-term and long-term growth. He assisted both start-up companies and beyond start-up companies with attaining their needed growth capital. Mr. Shepard wrote an article, Financing Entrepreneurs, in 1999 for the Oregon Society of Certified Public Accountants. Mr. Shepard was awarded “Beta Alpha Psi Professional of the Year” in 2006 for sustained involvement with the University of Oregon.

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