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 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.
Lease classification. Amortization of the lease asset. Derecognition of the underlying asset. Recognition of lease receivables.
Experience in application of accounting standards.
Accountants in practice and industry.
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.
Mr. Krause has CPA Certifications and he practices in: Illinois, Indiana, Kentucky, Michigan, Ohio and Wisconsin as Manager & CEO of his firm, which he founded in 2005. Previously he enjoyed 23 years of diversified responsibilities with Ernst & Young. Industries he served included manufacturing, construction, real estate and financial services.
Daryl was the Ohio Valley Area Director of Employee Benefit Plan Services specialty audit practice for 8 years responsible for the technical accuracy and quality of over 300,000 hours of employee benefit plan audit effort. Roles included sign-off partner for approximately one third of the entire area’s engagements, independent reviewer on approximately 100 additional plans per year and technical advisor for all work.
As Senior Manager in the Entrepreneurial Services group for 3 years he managed a portfolio of corporate audit client relationships. Roles included providing SEC reporting assistance to new public companies, assisting in due diligence on potential acquisitions and helping companies improve their controls and financial reporting processes.
Non-Member Price $219.00
Member Price $179.00