Virtual The Bottom Line on the New LeaseAccounting Requirements

You Pay: $249.00
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This course is 4.00 credits
Instructor
Renee Rampulla
Fields of Study
Accounting, Auditing
Course Level
Intermediate
Vendor
American Institute of CPAs

Instructor

Renee Rampulla

Renee Rampulla has over twenty years of professional experience. She writes, lectures, and consults on technical accounting and auditing issues. Renee has extensive experience in the auditing of public and privately held entities ranging from the manufacturing and service sectors, to financial services. Previously she was a partner in a regional accounting firm in the northeast in charge of the firm’s accounting and auditing practice and their quality control group. Renee is the president and founder of Rampulla Advisory Services, LLC. Her clients include nationally recognized professional organizations, accounting firms, companies, publishers and others. By devoting several years of her career at both regional and Big Four accounting firms Renee accumulated a wealth of technical and practical knowledge. In addition, she was a senior staff member of the American Institute of Certified Public Accountants (AICPA). At the AICPA Renee worked closely with senior technical committees, presented technical guidance before standard setters, and authored and updated several authoritative and non-authoritative publications. For several years Renee was an adjunct lecturer at a university in New York City where she taught numerous undergraduate accounting and auditing courses. Renee enjoys teaching and is an instructor and author of several continuing professional education courses for the New York State Society of Certified Public Accountants’ (NYSSCPA) Foundation for Accounting Education (FAE) and other organizations, covering a variety of accounting and auditing topics. Renee holds a BBA in Public Accounting from Bernard M. Baruch College. She is a member of the AICPA, the NYSSCPA, the New Jersey State Society of Certified Public Accountants (NJSCPA), the Institute of Management Accountants, the American Woman’s Society of Certified Public Accountants, and the Association of Certified Fraud Examiners. Renee serves as a committee member of the NYSSCPA’s Professional Ethics committee. She is currently the vice-leader of the NJSCPA’s Accounting and Auditing Standards Interest Group, becoming leader in June 2012. Previously she served as co-chair of the NJSCPA Accounting Standards and IFRS sub-committee interest groups.
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Registration Fees

MSCPA-AICPA Member
$169.00
MSCPA Member
$199.00
AICPA Member
$219.00
Non-Member
$249.00
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Thursday, May 27, 2021
12:45pm – 4:30pm

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.

Designed For

Accountants in practice and industry

Course Objectives

This course is intended to familiarize the learner with the key aspects of the new leases standard, FASB ASC 842. 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 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.

Major Subjects

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

Prerequisites

Experience in application of accounting standards

Registrants

+ $249.00

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