Leases: Mastering the New FASB Requirements
This course offers hands-on learning with journal-entry examples that demonstrate how to apply the new standard.
NASBA Field of Study
Daryl G. Krause
What’s in the scope? What are the requirements?
Do you know which leases are within the scope of FASB ASC 842, Leases, and how to apply the new financial accounting, financial reporting, and disclosure requirements of this new and significant standard?
This course answers those questions by examining the core principles of the standard, including identification, recognition, measurement, presentation, and disclosure requirements. Examples with journal entries are included to illustrate how to apply the standard.
Additionally, this course explains:
- The lessee accounting model, including lease classification, amortization of the right-of-use asset, and interest on the lease liability
- The lessor accounting model, including transfer of risk, profit recognition, and collectibility
- Short-term leases, purchase options, variable lease payments, and sale and leaseback transactions
- The business context of implementing the new standard by identifying key factors for managing this significant change
Who Will Benefit
Accountants and finance professionals
- Lease classification
- Amortization of the lease asset
- Derecognition of the underlying asset
- Recognition of lease receivables
- Sale and leaseback transactions
- Private company considerations
- Short-term leases
- Purchase options
- Variable lease payments
- Recognize arrangements that 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.
- Recognize business factors to consider when implementing FASB ASC 842.
Group ordering for your team
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