IN-PERSON OPTION: The Bottom Line on the New Lease Accounting Requirements

Description

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 new major standard. Discussion includes basic identification, recognition, measurement, presentation and disclosure requirements. Case study exercises are included to illustrate application of the standard. This course discusses the lessee accounting model, including lease classification, amortization of the right-of-use asset, and interest on the lease liability. This course also discusses the lessor accounting model, including profit recognition and collectability.

Highlights

  • Lease classification
  • Amortization of the lease asset
  • Derecognition of the underlying asset
  • Recognition of lease receivables

Objectives

  • 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.

Designed For

Accountants in practice and industry



Leaders

Andrew Almand

Andrew D. Almand, PhD, CPA is the Donald R. Dodson Assistant Professor of Accounting at Henderson State University in Arkadelphia, Arkansas. Andy graduated from Henderson State in 2002 with a Bachelor of Administration in Accounting and in 2003 with a Master of Business Administration. In August 2016, he graduated with a PhD in Accountancy from the University of Mississippi. While pursuing the master's degree, Andy interned at Spann and Associates, Ltd. in Hot Springs, Arkansas; he joined the firm as a full-time staff accountant following the completion of his degree and passed the CPA exam in November 2003. During his time in public accounting, Andy worked in both attestation services and tax services for various industries and was promoted to senior accountant. In August 2008, Andy left Spann and Associates to pursue a career in academics at Henderson State University. While at Henderson, Andy taught several accounting courses and was very involved with student organizations. In 2012, Andy moved to Oxford, Mississippi to pursue a PhD in Accountancy at the University of Mississippi. He has now rejoined Henderson's faculty after completing the PhD. Andy's areas of research interest primarily related to tax issues, but he also has interests in financial accounting research. His research has been published in Taxes: The Tax Magazine, State Tax Notes, and the Journal of Information Systems Technology and Planning. Andy teaches courses in tax and financial accounting about the undergraduate and graduate levels. Andy married his wife, Jennifer, in December 2003. They live in Arkadelphia with their three children, Madilyn, age 9; Micah, age 6; and Matthew, age 3. Andy and his family are active members in Park Hill Baptist Church in Arkadelphia. In his spare time, Andy enjoys spending time with his family, reading, making music, and kayaking.