The Bottom Line on the New Lease Accounting Requirements WEBCAST
Overview
Which leases are within the scope of FASB ASC 842, Leases, and what are the basic accounting, financial reporting, and disclosure requirements? This course addresses those questions by focusing on the basic core principles of this major
standard. By centering on the core principles of this significant standard, we provide clarity on essential topics such as the identification, recognition, measurement, presentation, and disclosure requirements for leases. Engaging case studies are incorporated throughout the course to illustrate the application of the standard. Additionally, this course explores the lessee accounting model, shedding light on lease classification, amortization of the right-of-use asset, and the calculation of interest on the lease liability. This course also examines the accounting model for lessors, addressing key considerations such as profit recognition and the assessment of collectability.
Highlights
Lease classification. Amortization of the lease asset. Derecognition of the underlying asset. Recognition of lease receivables.
Prerequisites
Experience in application of accounting standards.
Designed For
Accountants in practice and industry.
Objectives
This course is intended to familiarize the learner with the key aspects of the leases standard, FASB ASC 842. 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.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Daryl Krause
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 $199.00
Member Price $174.00