This course provides an overview of the new lease accounting standard issued by the Financial Accounting Standards Board (FASB) prescribed within Accounting Standards Codification (ASC) Topic 842. This includes a discussion of the reasons for the change, how to correctly identify a lease within a contract, and the overall recognition, measurement, subsequent measurement, and disclosure requirements. This course also provides examples of real-world disclosures as well as challenges faced by entities post-adoption.
Effective Dates for the New Standard. Why Was a Change Necessary? High Level Summary ASC 842. Lease Existence. Lease Classification for a Lessee. Short Term Leases. Recognition and Measurement. Lease vs. Non-lease Components. Measuring the Lease Payment. Determining the Lease Term. Measuring the Right-of-Use Asset and Lease Liability. Determining the Discount Rate. Subsequent Measurement Requirements, and More.
CPAs, CFOs, controllers, financial professionals, and auditors.
Determine whether an arrangement contains a lease. Identify considerations with respect to substitution rights. Identify the criteria for the new finance lease and short-term leases. Recognize the new recognition and measurement requirements for both lessees and lessors. Identify the requirements related to lease modifications. Identify presentation and disclosure requirements for both lessees and lessors.
Kelen Camehl, Western CPE
Kelen is a recognized author and reviewer of CPE courses and has authored over 85 courses (225+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. His courses are available for purchase from many online CPE providers including the AICPA. Kelen has also remained involved in CPA exam content development for nearly 10 years and has authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s “Journal of Accountancy”.
Kelen has over 15 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Consultant with HP, Inc. in Dallas, TX. Most recently he was located in Budapest, Hungary on a three-year international assignment and served in the company’s Houston, TX location prior to this assignment. Prior to HP, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors.
Non-Member Price $67.00
Member Price $58.00