MYCPE ONE

Advanced ASC 842 Lease Accounting for Lessees 1.5 Credits 1.5 Credits

Nov 10, 2022, 02:00 PM EDT

Advanced ASC 842 Lease Accounting for Lessees 1.5 Credits 1.5 Credits

  • Rating

    4.5

  • Published on

    January, 1970

  • Subject Area

    Accounting

Learning mode

Live Webinar
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  • Take the assessment test
  • Get your certificate
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  • Answer the polling questions
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Nov 10, 2022, 02:00 PM EDT

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AI Review Summary

Generated by AI based on all course reviews

Learning Objectives

  • To explore how to record a lease liability and right of use asset.
  • To discuss how to account for lease modifications.
  • To identify financial statement disclosure requirements for leases.

Course Overview

The new Accounting Standards Codification (ASC) Topic 842, leases, issued to replace the previous leases standard ASC 840. Thanks to the now required implementation of ASC 842, which demands that lessees record nearly all leases on their balance sheets, public businesses are now seeing their balance sheets “blowing up.” It’s not just public businesses, as non-public companies are being put on notice for an upcoming effective date of their own ASC 842 mandates.

The new lease standard requires more from lessees. Now is the time to start learning about and getting ready to implement ASC 842. Knowing that the lease standard goes into effect in late 2021, In this continuing education course, we’ll talk about what it will take to gather your lease portfolio, get started analyzing those leases, and review contracts for embedded leases. We’ve pulled together a list of real-world lease examples and we’ll talk about how to calculate the lease liability, and ROU asset and discuss practical expedients.

ASC Topic 842 will substantially alter how companies account for leases in their financial statements. This online CPE webinar will prepare you for the financial reporting challenges that the new guidance will impose on all financial statement preparers.

This online continuing education course will mainly focus to give financial professionals a comprehensive understanding of the changes that the new pronouncement (ASC Topic 842) will make to the current accounting rules for leases. You’ll examine how the new rules will impact your financial statements, and you’ll gain practical guidance on how to apply the new rules to your company’s reporting situation.

Key topics covered in this ASC 842 online webinar are:

  • Best practices for transitioning to the new rules
  • Sample journal entries
  • New disclosure requirements for lessees and lessors
  • Accounting for sale/leaseback transactions

The impact of the new rules on financial reporting of income taxes and leases acquired in a business combination

On Demand Credits for All Qualifications

Live Webinar Credits for All Qualifications

License details Credits Status
Accounting for Certified Public Accountants (CPA-US) 1.5 CPE Approved
Financial Accounting for Certified Internal Auditors (CIA) 1.5 CPE Eligible
Accounting for Certified Fraud Examiner (CFE) 1.5 CPE Eligible
Financial Reporting for Certified Management Accountants (CMA) 1.5 CPE Eligible
Financial Reporting for Accredited in Business Valuation (ABV) 1.5 CPD Eligible
Financial accounting for Certified Valuation Analyst (CVA) 1.5 CPE Eligible
Financial Reporting for Certified Financial Forensics (CFF) 1.5 CPD Eligible
Accounting for Chartered Financial Analyst (CFA) 1.5 PL Eligible
Accounting for Certified Government Financial Manager (CGFM) 1.5 CPE Eligible
Accounting for Internal Audit Practitioner (IAP) 1.5 CPE Eligible
Financial accounting concepts for Certified FP&A Professional (FP&A) 1.5 CE Eligible
Accounting for Qualification in Internal Audit Leadership (QIAL) 1.5 CPE Eligible
Financial accounting for Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA) 1.5 CPE Eligible
Accounting for CIPM 1.5 PL Eligible
License details Credits Status
Accounting for Certified Public Accountants (CPA-US) 1.5 CPE Approved
Financial Accounting for Certified Internal Auditors (CIA) 1.5 CPE Eligible
Accounting for Certified Fraud Examiner (CFE) 1.5 CPE Eligible
Financial Reporting for Certified Management Accountants (CMA) 1.5 CPE Eligible
Financial Reporting for Accredited in Business Valuation (ABV) 1.5 CPD Eligible
Financial accounting for Certified Valuation Analyst (CVA) 1.5 CPE Eligible
Financial Reporting for Certified Financial Forensics (CFF) 1.5 CPD Eligible
Accounting for Chartered Financial Analyst (CFA) 1.5 PL Eligible
Accounting for Certified Government Financial Manager (CGFM) 1.5 CPE Eligible
Accounting for Internal Audit Practitioner (IAP) 1.5 CPE Eligible
Financial accounting concepts for Certified FP&A Professional (FP&A) 1.5 CE Eligible
Accounting for Qualification in Internal Audit Leadership (QIAL) 1.5 CPE Eligible
Financial accounting for Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA) 1.5 CPE Eligible
Accounting for CIPM 1.5 PL Eligible

Additional Information

Credits

1.5

Course Level

Basic

Instructional Method

QAS Self Study

Group Internet Based

Pre-requisites

None

Advance Preparation

None

NASBA APPROVED

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.org.

About Instructor

Lauren Covell Offers Accounting CPE, E-Books,Webinars & more

Lauren Covell CPA (US)

Vice President, Finance, Occupier

  • 4.5
  • rating
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Lauren Covell is a Certified Public Accountant who currently lives in St. Louis, Missouri. She started her career in the PwC audit practice. After PwC, she joined a consulting firm and assisted companies in navigating complex technical accounting matters and streamlined their monthly close processes. Prior to joining Occupier, she was responsible for implementing ASC 842 for a vast portfolio of retail and equipment leases at a high growth consumer products company.  Lauren is also passionate about collaborating with others to optimize solutions and creating win-wins for every stakeholder in the process

Matt Giffune

Matt Giffune

Co-Founder, Occupier

Matt Giffune is the Co-Founder of Occupier, a software platform that helps your team stay in compliance with new lease accounting standards, drive better portfolio decisions, and track your deal pipeline. Matt lives in Boston, Massachusetts and spent a decade as a strategic tenant representation advisor at JLL, then as an early stage team member at VTS. He has a passion and vision for bringing commercial real estate online

On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. Our courses qualify for credits with NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other professional organizations.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses accepted by NASBA and other professional organizations?

MY-CPE LLC courses are accepted for continuing education credit by various professional certification programs, including NASBA, IRS, CFP Board, and HRCI. MY-CPE LLC is also recognized by SHRM to offer Professional Development Credits (PDCs) for SHRM-CP® and SHRM-SCP® recertification activities.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course 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 professional organizations 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.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. Our courses qualify for credits with NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other professional organizations.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars accepted by NASBA and other Professional Organizations?

MY-CPE LLC courses are accepted for continuing education credit by various professional certification programs, including NASBA, IRS, CFP Board, and HRCI. MY-CPE LLC is also recognized by SHRM to offer Professional Development Credits (PDCs) for SHRM-CP® and SHRM-SCP® recertification activities.

What are the requirements to maintain compliance with live webinar courses?

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.

How can I access my webinar completion certificates?

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 accepted for compliance and reporting purposes with NASBA, IRS, CFP Board, HRCI, SHRM (for PDCs), Payroll Org, FP Canada, and 25+ other professional organizations.

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.

Reviews and Ratings

out of 5

Excellent (63%)

Very Good (29%)

Average (7%)

Poor

Terrible

CM

Chelsea Moran, CPA (US)

5

On comment I had. At the beginning you said that the interest rate would not impact the income statement. But that is not necessarily true. Because the lower the interest rate, the more likely you are to have finance leases and that difference between operating and finance classification would impact the income statement. Also hard to do a restatement example without info from the first one. I deleted as I went so I could not fully participate. But my company has been live for awhile so it was not a big deal. Just a thought for future webcasts. Wish something like this was available when we started 3/4 years ago- would have made my job a lot easier.

HK

Hye-ok Karlson, CPA (US)

5

Instructor's speaking style and pacing was really engaging and interesting. Her excel file had precisely the right formulas to automatically & easily calculate ASC 842 schedules & JE's. I liked that she gave us "class work" to calculate the various numbers for ASC 842 accounting including JE's & went over the correct process after giving us time to work it out on our own. Extremely informative. This was the best format I could have hoped for.

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Lease Accounting New Standard (ASC 842)

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