Description
Do you know which leases are within the scope of FASB ASC 842, Leases, and how to apply the new financial accounting, financial reporting, and disclosure requirements of this major standard? This course addresses those questions by examining the core principles of the standard, including identification, recognition, measurement, presentation, and disclosure requirements. Examples with journal entries are included to illustrate application of the standard.
Additionally, this course explains the lessee accounting model, including lease classification, amortization of the right-of-use asset, and interest on the lease liability. The lessor accounting model is also covered, including transfer of risk, profit recognition, and assessment of collectability. Other important topics include short-term leases, purchase options, variable lease payments, and sale and leaseback transactions. In addition, this course addresses the business context of implementing the new standard by identifying key factors for managing this significant change.
Designed For
- Auditors, practitioners and accounting and finance professionals of not-for-profit organizations
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 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 that should be considered when implementing FASB ASC 842.
Highlights
- Lease classification
- Amortization of the lease asset
- Derecognition of the underlying asset
- Recognition of lease receivables
- Lease modifications
- Sale and leaseback transactions
- Presentation, disclosure, and transition requirements
- The business context for implementing FASB ASC 842
Advanced Prep
- Download PDF manual - view your upcoming events in "My CPE" on website
- Review ISCPA Parking Map - found in your email confirmation
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Leaders
Michael Brand
Known as a nationally acclaimed, accounting industry expert and speaker, Michael (Mike) has been involved in all aspects of public accounting, with an emphasis in providing accounting, auditing and review services to clients in the for-profit, nonprofits and governmental sectors.
He is also involved in various committees at both the state and national levels. He is a former member of the American Institute of CPAs (AICPA) Professional Ethics Executive Committee, is the past chair of the AICPA's Accounting and Review Services Committee and the Alabama Society of CPA's Peer Review Committee and is the current Chair for the ASCPA. Furthermore, Mike teaches continuing education classes across the country for state societies and individual firms and has received the AICPA's Outstanding Discussion Leader Award multiple times along with the ASCPA's Thomas A. Ratcliffe Outstanding Discussion Leader Award.
In addition to teaching, Mike regularly speaks at conferences nationwide and in various other countries. He conducts peer reviews across the United States and was formerly on the Peer Review Board, Joint Trial Board, and Quality Control Standards Task Force of the AICPA. He is the current co-chair of the Engage Conference (the AICPA's largest conference held over multiple days with thousands of attendees).
Education
- University of North Alabama
- Bachelor of Science, Accounting, 1989
Awards
- AICPA Outstanding Facilitator (multi-time winner)
- ASCPA Thomas A. Ratcliffe Outstanding Discussion Leader Award
Designations
- Certified Public Accountant (CPA)
- Certified Global Management Accountant (CGMA)