Description
This course offers hands-on learning with journal-entry examples that demonstrate how to apply the new standard.
Designed For
Objectives
- Recognize arrangements that 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 accounting requirements for lease modifications under FASB ASC 842.
- Recognize accounting requirements for sale and leaseback transactions 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
- Sale and leaseback transactions
- Private company considerations
- Short-term leases
- Purchase options
- Variable lease payments