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Accounting for Leases WEBCAST

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2.6 Credits

Member Price $89.00

Non-Member Price $119.00

Overview

This course covers elements of lease classification for both lessees and lessors. To be able to properly account for leases, financial professionals must understand ASU 2016-02 (also referred to as Topic 842). This guidance covers information on how leases should be accounted for. Under ASC Topic 842, lessors continue to classify leases as operating, direct financing, or sales-type. While lessees now classify leases as operating or financing leases. The new guidance requires all leases to be reflected on the BS. This is a major change for organizations and will cause their balance sheets to swell as leases must now be disclosed on the balance sheet.

Highlights

Accounting. Finance. Financial statement preparation.

Prerequisites

None.

Designed For

Controllers. Accountants. CFOs. Finance professionals. Operational professionals. Auditors.

Objectives

Identify the purpose and effective date of the updated lease standard. Recognize and understand the updated Topic 842 - Leases. Identify the types/classifications of leases for lessees/lessors. Explore how to account for a lessee’s operating and capital leases and required disclosures. Identify how to account for a lessor’s operating, direct financing, sales-type leases and required disclosures. Discover and understand Sale and leaseback issues.

Preparation

None.

Notice

None.

Leader(s):

Leader Bios

Lynn Fountain, AICPA Learning

Lynn Fountain has over 35 years of experience spanning public accounting, corporate accounting and consulting. 20 years of the experience has been spent working in the areas of internal and external auditing. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Ms. Fountain has held two Chief Audit Executive positions for international companies. She was a member of the senior leadership team for Aquila Inc. in Kansas City, MO, until the sale of the utility in 2008. At Aquila, she was responsible for Internal Audit, Enterprise Risk Management and Sarbanes-Oxley. She was an integral member of the senior leadership team that effectively executed the sale of the utility. Upon the close of Aquila, Ms. Fountain engaged in her own consulting and training business. During this time, she worked with several organizations to establish ERM, Sarbanes-Oxley and governance frameworks. In addition, she has developed and delivered leading edge training sessions on COSO, internal audit, ERM, accounting, leadership, governance, compliance and ethics. In 2011, Ms. Fountain was the Chief Audit Executive for an international construction and engineering firm in Kansas City. In this role she was involved in the active investigation of a joint venture fraud. The investigation included work with the FBI and ultimately led to indictment of the perpetrators and recovery of $13M. In 2012, Ms. Fountain returned to her consulting and training business. Along with her risk management, internal controls and financial accounting consulting work, she delivers training for the American Institute of Certified Public Accountants, Institute of Internal Auditors, and multiple seminar and training groups. In addition, Ms. Fountain is affiliated with Empower Audit Training and Consulting. Ms. Fountain is the author of two separate technical books released in 2015, The first entitled “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations” was published by the Institute of Internal Auditors Research Foundation and released in April 2015. Her second book “Leading The Internal Audit Function” will be released in October 2015 by Auerbach Publications. This book serves as the initial launch for a series of leading practice internal audit and information technology publications. In addition, Ms. Fountain is a frequent blogger on the LinkedIn platform and has also had numerous articles published in professional and technical publications. She has performed as an adjunct instructor for the School of Business for Grantham University and developed the first internal audit curriculum for the School of Business at the University of Kansas. Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CGMA, CRMA credentials and CPA certificate.

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Non-Member Price $119.00

Member Price $89.00