The Bottom Line on the New Lease Accounting Requirements

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  • Date/Time
    • Nov 30, 2022
    • Sign In: 12:00pm (MT)
    • Program: 12:15pm - 3:45pm (MT)
    • Add to Calendar
  • 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
  • Message
    • 1/2 hour lunch included if attending both am & pm

Description

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 is fast-paced intermediate level event. If this topic is new to you, we recommend attending Leases: Mastering the New FASB Requirements virtually on 5.20.22.

 

Designed For

  • Accountants in practice and industry
  • Objectives

    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.

    Highlights

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

    Advanced Prep

    • Download PDF manual - view your upcoming events in "My CPE" on website
    • Review ISCPA Parking Map - found in your email confirmation
    • Lunch provided if also attending Interpreting the New Revenue Recognition Standard: What All CPAs Need to Know
      on the same day

    Register Now

    Online registration is closed. Please contact ISCPA at 208-344-6261 or email cpe@idcpa.org if you would like to register.

    Leaders

    Michael Brand

    Michael Brand, CPA Johnson, Feigley, Newton & Brand LLP Athens, AL Michael Brand is a partner of Johnson, Feigley, Newton & Brand LLP in Athens, Alabama. He was formerly a partner with Tucker, Scott, Brand & Wates, LLC. Michael is a graduate of the University of North Alabama and has been in public accounting since graduation. Michael has been involved in various aspects of public accounting with an emphasis in accounting and auditing services. His experience involves audits of various for profit, not-for-profit and governmental entities. Additionally, he conducts peer reviews. He currently serves on the Alabama Society of CPA's Peer Review Committee and serves on the AICPA's Joint Trial Board, Quality Control Standards Task Force and was a prior member of the AICPA's Peer Review Board.

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