Accounting for Leases - Deep Dive 3 Credits
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In February 2016, FASB issued ASU 2016-02, Leases, which provides new guidelines that change the accounting for leasing arrangements. To be able to properly account for leases, financial professionals must understand ASU 2016-02 (also referred to as Topic 842). This online CPE course covers information on how leases should be accounted for. The previous leasing standard (ASC 840) had been in existence for almost 40 years.Â
Under ASC Topic 842, lessors continue to classify leases as operating, direct financing, or sales-type. While lessees now classify leases as operating or financing leases. Previous guidance only required capital leases to be reflected on the BS. The new guidance requires all leases to be reflected on the BS. This is a major change for organizations and will cause their BS to swell as leases must now be disclosed on the BS.
The standard's original effective dates were before 2019. In April 2020, due to COVID-19, FASB voted to defer the effective date for ASC 842 for private companies and certain NFPs for one year. For private companies and private NFPs, the leasing standard will be effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. For public companies, the leasing standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years.
Major topics discussed in this online webinar by Lynn Fountain:
This CPE Accounting webinar covers elements of lease classification for both lessees and lessors and also numerous examples are incorporated as references.
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Lynn Fountain has over 39 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.
Ms. Fountain is currently engaged in her own consulting and training practice. She has successfully executed on several consulting assignments spanning areas of accounting, risk, ERM and internal audit. She is a highly sought-after trainer and international speaker and has produced hundreds of courses delivered through seminars, conferences and on-demand training. She is the author of three separate technical books.
Ms.
Fountain obtained her BSBA from Pittsburg State University and her MBA from
Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.

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AB
Lease Accounting Standard is very important for Controllers to understand the Accounting for leases and the various disclosure requirement in the Financial Statements. This module is very comprehensive and has explained the difference between the old and the new Lease Standards whereby all the operating leases have to be accounted and disclosed in the Financial Statements. Also the Handout and the Lease Accounting and Disclosure cheat sheet is useful for Accountants and the Controller to understand the subject matter very well.
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