The New Lease Accounting Standards ON DEMAND
Available Until
Your Desk
4.0 Credits
Member Price $116.00
Non-Member Price $133.00
Overview
This course provides an in-depth overview of the new lease accounting standards issued by the Financial Accounting Standards Board (FASB) in February 2016. This includes a discussion of the primary reasons for the change as well as how to identify a lease within a contract. This course also provides an in-depth review of lease classification, initial measurement, subsequent measurement, presentation & disclosure, as well as transition requirements. The course concludes with a discussion of some of the significant differences between IFRS 16(the IASB’s new lease accounting standard) as well as private company considerations.
Highlights
Lease Accounting Standards. Recognition and Management. Modifications. Assets Under Construction.
Prerequisites
None.
Designed For
CPAs and other business and finance professionals.
Objectives
Recognize how the new leasing standard has evolved and how the new standard is organized. Determine whether an arrangement contains a lease. Identify considerations with respect to substitution rights and decision-making 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 recognition criteria for sales-type, direct financing, and operating leases. Identify the overall requirements with respect to lease modifications. Identify criteria used for sale and leaseback transactions. Identify the considerations with respect to a lessee’s involvement in construction of a leased asset. Identify the presentation requirements for both lessees and lessors. Recognize both qualitative and quantitative disclosure requirements for both lessees and lessors. Identify the effective date for the new lease accounting standards. Identify the significant differences between ASC 842 and IFRS 16. Recognize considerations of and alternatives provided to private companies.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
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 $133.00
Member Price $116.00