Course Details

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Course Description

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.

Learning objectives

  • To recognize the new lease accounting disclosure requirements under ASC 842
  • To recognize the new lease accounting disclosure requirements under IFRS 16
  • To understand the FASB example for quantitative lease accounting disclosures
  • To understand the different types of qualitative disclosures
  • To spot the Specifc differences between the weighted average lease term and discount rate calculations

About Presenter

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. 

Founded by a fellow CPA, LeaseQuery provides lease accounting and lease management software that helps companies comply with lease accounting under current GAAP (Topic 840) as well as transition to the new lease accounting rules under Topic 842 and IFRS 16. Companies use LeaseQuery to provide monthly journal entries (including transition entries) for both capital and operating leases, provide newly required lease accounting disclosures under Topic 842 and IFRS 16, calculate straight-line amortization of rent and TI allowances, and provide commitment disclosure reports required in the notes and the MD&A. The software works for all types of leases; real estate, vehicles and equipment. It also handles cost centre/segment reporting and multi-currency functionality with transactional, functional and reporting currencies.

We help accountants eliminate lease accounting errors that could lead to material misstatements through our proprietary implementation process that ensures compliance with minimum disruption to your business. Our team is comprised of accountants specialized in lease accounting who will be with you every step of the way to achieve compliance.

LeaseQuery is built by accountants for accountants.

About Co-Presenter

Rachel Reed

Technical Accounting Manager,LeaseQuery, LLC

rachel.reed@leasequery.com

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.

Founded by a fellow CPA, LeaseQuery provides lease accounting and lease management software that helps companies comply with lease accounting under current GAAP (Topic 840) as well as transition to the new lease accounting rules under Topic 842 and IFRS 16. Companies use LeaseQuery to provide monthly journal entries (including transition entries) for both capital and operating leases, provide newly required lease accounting disclosures under Topic 842 and IFRS 16, calculate straight-line amortization of rent and TI allowances, and provide commitment disclosure reports required in the notes and the MD&A. The software works for all types of leases; real estate, vehicles and equipment. It also handles cost centre/segment reporting and multi-currency functionality with transactional, functional and reporting currencies.

We help accountants eliminate lease accounting errors that could lead to material misstatements through our proprietary implementation process that ensures compliance with minimum disruption to your business. Our team is comprised of accountants specialized in lease accounting who will be with you every step of the way to achieve compliance.

LeaseQuery is built by accountants for accountants.

FAQ

  • To receive CPE credit for the event, you must register for the webcast prior to the start of each program.
  • CPE is available to all eligible participants within 24 hours of each webinar.

Refund/Cancellation Policy

For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128

In case any of the course or live webinars gets cancelled we would be refunding you the entire amount (if paid).

Reviews

4.3
(85)
48%
38%
14%
0%
0%
  • WP
    William Perry , CPA
    Mar 23rd 2020
    5
DE
Dolores Everett , MBA, CPA
It encouraged my need to obtain further education on the subject. Thank you.
CD
Cedrick Draper , Bookkeeper
Proficient
LJ
lih Jiang , CPA
I learned something new. Thanks.

NASBA Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) 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.org.

upcoming Live CPE Webinars

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Wednesday, May 27, 2020 | 10:00 AM EDT View Details/Register
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Wednesday, May 27, 2020 | 10:00 AM EDT View Details/Register
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  • Cost FREE
  • CPE Credits 1
  • Subject Area Accounting
  • Course Level Basic
  • Instructional Method group internet based
  • Prerequisites None
  • Advanced Preparation None
  • Who should attend? Enrolled Agent Finance Pros Bookkeeper Accountant CFO/Controller Business Owner CPA - Small Firm CPA - Mid Size Firm CPA (Industry) Auditors Young CPA Entrepreneurial CPA
  • Handout Material Download

upcoming Live CPE Webinars

QuickBooks: Progress Invoicing and Job Costing
Tuesday, May 26, 2020 | 09:00 AM EDT View Details/Register
Managing Ethical Dilemmas for Texas CPAs
Tuesday, May 26, 2020 | 10:00 AM EDT View Details/Register
TAXATION OF PONZI CLAWBACKS & TAX REFUND FROM PONZI
Tuesday, May 26, 2020 | 11:00 AM EDT View Details/Register
Executive Overview of Leases (Topic 842): Exploring Both the Accounting & Tax Implications
Tuesday, May 26, 2020 | 11:30 AM EDT View Details/Register
Excel Speed Loop: Systematically Improve Efficiency and Accuracy
Tuesday, May 26, 2020 | 12:00 PM EDT View Details/Register
CPA & Accountants: What you should know about Credit Card Surcharging & it's legality
Tuesday, May 26, 2020 | 01:00 PM EDT View Details/Register
Becoming a Cherished Advisor®:The Leadership and Communication Skills to Help You Thrive
Tuesday, May 26, 2020 | 02:00 PM EDT View Details/Register
REMOTELY MANAGE TEAM PRODUCTIVITY, EASILY TRACK BILLABLE TIME & EXPENSE THAT SEAMLESSLY INTEGRATES QUICKBOOKS DESKTOP & ONLINE
Tuesday, May 26, 2020 | 02:00 PM EDT View Details/Register
Is It Deductible: Commonly Asked IRS Deductions
Tuesday, May 26, 2020 | 04:00 PM EDT View Details/Register
Year end tax update : FCCA 2020 & SECURE ACT. (Latest 2019)
Wednesday, May 27, 2020 | 09:00 AM EDT View Details/Register
MULTI-STATE PAYROLL/EMPLOYMENT COMPLIANCES SIMPLIFIED
Wednesday, May 27, 2020 | 10:00 AM EDT View Details/Register
Overview of Loss Limitations, Family Office Partnership, Sale to Spousal Grantor Trust
Wednesday, May 27, 2020 | 10:00 AM EDT View Details/Register
Market-Based Sourcing for State Income Taxes
Wednesday, May 27, 2020 | 11:30 AM EDT View Details/Register
ACCOUNTANTS & CPA FIRMS - 4 STEPS TO GAIN, RETAIN & EXPAND HIGH VALUE CLIENTS
Wednesday, May 27, 2020 | 12:00 PM EDT View Details/Register
Defensive Practice, Quality Control, and Engagement Letters for CPAs
Wednesday, May 27, 2020 | 01:00 PM EDT View Details/Register