The Bottom Line on the New Lease Accounting Requirement (4 hours - morning) - Webcast
Overview
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
Prerequisites
Experience in application of accounting standards
Designed For
Accountants and finance professionals
Objectives
When you complete this course, you will be able to:
- 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.
Leader(s):
Leader Bios
Joann Cross, University of Wisconsin - Oshkosh College of Business Adminsitration
Joann Noe Cross is an Emeritus Professor of Accounting at the University of Wisconsin-Oshkosh. Her research interests are in accounting history and the uses of financial information. Joann is a member of numerous professional and academic organizations. She is also active in her community, having served in the past as Treasurer of the local United Way and currently serving on the Board of several small charities. In addition, Dr. Cross presents numerous accounting and auditing seminars around the country, speaks at various conferences throughout the year, and maintains an active consulting practice. In 2015 and 2016, she received the Surgent Outstanding Discussion Leader Award because of her consistently high evaluations for knowledge and presentation skills. Joann received her B.S. in Mathematics from the University of Wisconsin-Madison and her Ph.D. in Accountancy from the University of Illinois-Urbana.
(3/18/21)
Non-Member Price $245.00
Member Price $195.00