Leases: Mastering the New FASB Requirements

The start date for this course has passed. Registration is no longer available.

This course is 8.00 credits
Facility Name
Four Points by Sheraton Norwood
Facility Address
1125 Boston Providence Tpke
PO Box 9102
Norwood, MA 02062-5001
Field of Study
Accounting
Course Level
Intermediate
Vendor
American Institute of CPAs

Registration Fees

MSCPA-AICPA Member
$249.00
MSCPA Member
$279.00
AICPA Member
$349.00
Non-Member
$379.00
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Tuesday, Nov 19, 2019
8:45am – 4:30pm

How do the leasing requirements in the new standard differ from current GAAP? This course addresses that question by examining the core principles of the new standard, including identification, recognition, measurement, presentation and disclosure requirements. Examples with journal entries are included to illustrate application of the new standard. This course explains the lessee accounting model, including lease classification, amortization of the right-of-use asset, and interest on the lease liability. This course also explains the lessor accounting model, including transfer of risk, profit recognition, and collectability. Additional topics include short-term leases, purchase options, variable lease payments, and sale and leaseback transactions. In addition, this course addresses the business context of implementing the new standard by identifying key factors for managing this significant change.

Designed For

Accountants in practice and industry

Course Objectives

When you complete this course you will be able to: 

  •  Identify a lease under the new leases standard.
  • Identify recognition and measurement requirements of the new leases standard. 
  •  Identify presentation and disclosure requirements of the new leases standard.

Major Subjects

Topics Discussed 

  •  Lease classification 
  •  Amortization of the lease asset 
  •  Derecognition of the underlying asset 
  •  Recognition of lease receivables
  • Lease Modifications 
  •  Sale and leaseback transactions
  • Presentation, disclosure, and transition requirements 
  •  Comparison of the requirements of U.S. GAAP and IFRS
  • Private company consideration
  • The business context for implementing the new standard

Prerequisites

Experience in application of accounting standards

The start date for this course has passed. Registration is no longer available.