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Best Practices for Lease Accounting Adoption: Lessons Learned

4.3 (86)

Justin Shemaria, CPA, MBA

LeaseQuery, LLC

Tuesday, February 25, 2020 | 01:00 PM EDT

  • CPA

1 Credit

FREE

Subject Area

Accounting

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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

Who Should Attend?

  • Accountant
  • Auditors
  • Bookkeeper
  • Business Owner
  • CFO/Controller
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Entrepreneurial CPA
  • Finance Pros
  • Young CPA

Testimonial

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    [average] => 4.3488
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4.3

(86)
49%
37%
14%
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