Roles and Responsibilities in Risk Management

Description

FASB ASC 842, Leases, standards decoded
By learning essential information about lease accounting requirements, you'll understand the core principles of the standards and how to apply them. You'll explore topics, such as:

Identification Recognition
Measurement Presentation and disclosure requirements

Deliberate application of lessee accounting model
You'll also learn about classifying leases, the amortization of the right-of-use asset, and the interest on a lease liability. Additional topics include:
Short-term leases Purchase options Variable lease payments
Sale and leaseback transactions Leveraged leases

Highlights

Lease classification Amortization of the lease asset Derecognition of the underlying asset Recognition of lease receivables Lease modifications Sale and leaseback transactions Presentation and disclosure requirements

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 accounting requirements for lease modifications under FASB ASC 842.
  • Recognize accounting requirements for sale and leaseback transactions under FASB ASC 842.
  • Recognize presentation requirements for lessees and lessors under FASB ASC 842.

Designed For

Accountants and finance professionals