Best Practices for Lease Accounting Adoption: Lessons Learned 1 Credit 1 Credit
Learning mode
Ask any consultant what the toughest issue is for controllers and CFOs these days, and chances are it will be adopting the new lease accounting standard, ASC 842. Understanding the theory is one thing, but making it work in your books is another. As the most significant change to lease accounting in decades, transitioning to the new lease accounting standard ASC 842 or to IFRS 16 requires users to examine closely at how they maintained and reported their existing lease information in their financial statements. The new leasing standard could impact existing contract terms, tax planning strategies, budgets, debt covenant compliance, incentive compensation plans, etc. The course provides a brief overview as well as additional guidance, best practices, presentation and disclosures.
This webinar will look at the specific entries and actions needed to successfully migrate to the new standards with certain adjustments required during the transition. The presenter will address each line item one by one, using the same format the FASB used in its example. Attendees will learn the best practices for the new lease accounting standards and the borrowing rates are permitted under the new standard.
| License details | Credits | Status |
|---|---|---|
| Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Certified Wealth Strategist (CWS) | 1 CE | Eligible |
| Certified Fiduciary and Investment Risk Specialist (CFIRS) | 1 CE | Eligible |
| License details | Credits | Status |
|---|---|---|
| Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Certified Wealth Strategist (CWS) | 1 CE | Eligible |
| Certified Fiduciary and Investment Risk Specialist (CFIRS) | 1 CE | Eligible |
Credit
1
Course Level
Basic
Instructional Method
QAS Self Study
Group Internet Based
Pre-requisites
None
Advance Preparation
None
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.com.
Justin Shemaria is an Accounting Manager at LeaseQuery. Prior to joining LeaseQuery, Justin worked in the audit practice at Deloitte and also worked in financial reporting at a publicly-traded fortune 500 company. Justin received his Bachelor’s and Master’s degree in Accounting from the University of Georgia. He is an active Certified Public Accountant and is a member of the AICPA.
My name is Rachel Reed, and I am one of the Technical Accounting Managers here at LeaseQuery. I started out my career as an auditor at Ernst & Young and come from an accounting background, as I have a Masters in Accounting from the University of Mississippi.
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To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
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After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
How are credits reported to governing bodies?
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
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