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 major standard. We clarify the essential topics such as the identification, recognition, measurement, presentation, and disclosure requirements for leases. You'll learn to apply the standard by completing engaging case studies incorporated throughout the course. Additionally, you'll explore the lessee accounting model, lease classification, amortization of the right-of-use asset, and the calculation of interest on the lease liability. You'll also examine the accounting model for lessors and key considerations, such as profit recognition and the assessment of collectability.

Highlights

  • Lease classification
  • Amortization of the leased asset
  • Derecognition of the underlying asset
  • Recognition of lease receivables
  • Lease modifications
  • Sale and leaseback transactions

Objectives

  • Recognize arrangements which meet the scope requirements for lease accounting under FASB ASC 842.
  • Recognize accounting requirements for lease modifications under FASB ASC 842.
  • Recognition presentation requirements for lessees and lessors under FASB ASC 842.
  • Identify the recognition criteria for sales-type, direct financing, and operating leases.

Designed For

Accountants and finance professionals

Leaders

Leah Donti

Leah Donti, an internationally recognized seminar leader in accounting, has been doing seminars full time since 1991 through her seminar business. She conducts in-house training to CPA firms and various companies. As well, she does CPE courses through the CPA societies. She speaks on FASB update, Compilation and Review Update, Fair Value Accounting, IFRS, Fraud, Accounting and Auditing Update, Revenue Recognition, Leases, Business Combinations, Data Analytics, and ESG.
She also provides proprietary prep seminars for IQEX exam which is a reciprocity exam to become a US CPA..
Prior to beginning her private practice in 1991, Ms. Donti worked for a major information management consulting organization, where she provided training to offices across North America. She also worked with an accounting software firm, offering accounting education courses to clients on site. In addition, she held positions in internal audit and accounting with Canadian Pacific, one of the largest companies in Canada, dual listed in Toronto and New York. She has also worked as a financial reporting manager for a public company in consulting. Leah Donti has received the AICPA Outstanding Facilitator Award 11 years in a row for her practical approach, enthusiasm, and lively seminars.