Lease Implementation for Private Entities WEBCAST
Overview
The Financial Accounting Standards Board (FASB) has issued a new accounting standard for leases. This new standard-ASC Topic 842-replaces the existing ASC Topic 840, changes the accounting for operating leases (requiring capitalization in the financial statements), and upgrades many other lease accounting and reporting aspects.
Highlights
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.
Prerequisites
None.
Designed For
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 adopting the Lease standard. Internal Accountants can better understand their company’s needs to implement the Lease standard.
Objectives
Relevant considerations regarding the implementation of the new standard in upcoming audits and review, particularly for privately-owned companies. 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.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Eugene Ristaino, Isdaner & Company LLC
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