Leases: Mastering the New FASB Requirements

Description

How do the leasing requirements in the new standard differ from current GAAP? This course addresses that question by examining the core principles of the new standard, including identification, recognition, measurement, presentation and disclosure requirements. Examples with journal entries are included to illustrate application of the new standard. This course explains the lessee accounting model, including lease classification, amortization of the right-of-use asset, and interest on the lease liability. This course also explains the lessor accounting model, including transfer of risk, profit recognition, and collectability. Additional topics include short-term leases, purchase options, variable lease payments, and sale and leaseback transactions. In addition, this course addresses the business context of implementing the new standard by identifying key factors for managing this significant change.

Highlights

  • Lease classification
  • Amortization of the lease asset
  • Derecognition of the underlying asset
  • Recognition of lease receivables
  • Lease Modifications
  • Sale and leaseback transactions
  • Presentation, disclosure, and transition requirements
  • Comparison of the requirements of U.S. GAAP and IFRS
  • Private company consideration
  • The business context for implementing the new standard

Objectives

  • Identify a lease under the new leases standard.
  • Identify recognition and measurement requirements of the new leases standard.
  • Identify presentation and disclosure requirements of the new leases standard.

Designed For

Accountants in practice and industry



Leaders

Robert Bedwell

Bob is an Audit and Advisory professional, with over 36 years of audit and accounting experience. Bob regularly assists clients with a full range of corporate audit and assurance services, including financial statement preparation, auditing, SEC reporting, mergers, acquisitions, divestitures, due diligence, financing regulatory compliance, accounting system oversight, internal controls, IFRS conversions, Sarbanes-Oxley compliance advisory, and the independent review of external data. Bob has been a discussion leader on numerous topics for Surgent Professional Education, the Florida Institute of Certified Public Accountants and the American Institute of Certified Public Accountants, as well as for the firms for which he has worked, and has received high evaluations for his knowledge of topics and presentation skills. Bob received his Bachelor of Science in Accounting and Finance from Upsala College in East Orange, New Jersey, and has also earned a Masters in Accounting from Florida Atlantic University. Licensed as a Certified Public Accountant in Florida, Bob is a member of the Florida Institute of Certified Public Accountants (FICPA) and the American Institute of Certified Public Accountants. He has previously served as chairman of the FICPA Accounting Principles and Auditing Standards Committee.