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 new major standard? This webcast 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 how to apply the standard.
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.
Experience in application of accounting standards.
Accountants and finance professionals.
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 842Recognize 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.
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.
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