The Financial Accounting Standards Board has issued a new accounting standard - Leases. The new standard ASC Topic 842 replaces existing ASC Topic 840, and changes the accounting for operating leases, (requiring capitalization in the financial statements) and upgrading many other aspects of lease accounting and reporting. Private companies are required to implement the new standard effective for calendar 2022 year-end annual financial statements, and 2023 interim financial statements.
Analysis of requirements for lease accounting under ASC 842, including detailed schedules showing journal entries and computations. Analysis of internal control and fraud risk aspects. Identification of high-risk areas of lease accounting and reporting. Suggested audit and review procedures for identified risks.
Accountants and auditors will be able to adequately plan their audit and review engagements regarding the appropriate procedures to be performed to determine their clients’ compliance with the applicable requirements regarding the adoption of the Lease standard. Internal Accountants will be able to better understand the requirements to implement the Lease standard for their company.
Relevant considerations regarding the implementation of the new standard in upcoming audits and review. Evaluating whether leases have been recorded in conformity with the applicable financial reporting framework. Auditing transition adjustments and disclosures. Considering internal control over financial reporting. Identifying and assessing fraud risks. Evaluating whether the financial statements include the required disclosures regarding leasing transactions. Determine the impact on ratios and financial relationships that will be impacted by the new standard.
Mr. Ristaino is a partner in a local firm and is Director of Accounting and Auditing and quality control. He has over 30 years experience in public accounting. He manages a diversified practice including construction and real estate, healthcare, manufacturing, governmental auditing (including single audit and HUD), transportation, travel, and not-for-profit organizations. He also has extensive experience in compliance auditing for both the public and private sector.
Mr. Ristaino has authored and presents numerous professional education programs around the country and is a former professor of tax law at Villanova and Philadelphia Universities. Gene is a member of the Peer Review Committee for the Pennsylvania Institute of Certified Public Accountants, and is a team captain for the Peer Review Program of the AICPA.
Non-Member Price $209.00
Member Price $159.00