The New Lease Accounting Standards 4 Credits
Learning mode
In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases (ASC 842), which will replace the prior lease guidance in 2019 by providing new requirements of financial accounting and reporting for lessees and lessors.
This new standard represents the first comprehensive overhaul of lease accounting since FAS 13 was issued in 1976. The new guidance will affect entities across all industries because most companies enter into contracts that contain leases to support their business operations.
Lessees will likely see the most significant changes as they are required to recognize substantially all leases on their balance sheets with a corresponding right-of-use asset. While lessor accounting remains similar to previous guidance in most respects, there are some important changes. For example, certain principles of the lessor model are updated to align with changes to the lessee model and the new revenue recognition standard (ASC 606).
To minimize disruptive missteps and costly non-compliance, entities need to take a timely and thorough approach. This CPE course is designed to help you navigate the complexities of this standard, identify the implications of it, and prepare for transition and implementation.
This CPE Accounting text-based webinar provides a working knowledge of the fundamentals of lease standards that can be applied, regardless of the company size, in the real world.
| License details | Credits | Status |
|---|---|---|
| Accounting for Certified Public Accountants (CPA-US) | 4 CPE | Approved |
| Financial Accounting for Certified Internal Auditors (CIA) | 4 CPE | Eligible |
| Financial Reporting for Certified Management Accountants (CMA) | 4 CPE | Eligible |
| Accounting for Chartered Financial Analyst (CFA) | 4 PL | Eligible |
| Accounting for Certified Government Financial Manager (CGFM) | 4 CPE | Eligible |
| Accounting for Certified Fraud Examiner (CFE) | 4 CPE | Eligible |
| Accounting for Internal Audit Practitioner (IAP) | 4 CPE | Eligible |
| Financial Reporting for Certified Financial Forensics (CFF) | 4 CPD | Eligible |
| Financial accounting for Certified Valuation Analyst (CVA) | 4 CPE | Eligible |
| Accounting for Qualification in Internal Audit Leadership (QIAL) | 4 CPE | Eligible |
| Accounting for CIPM | 4 PL | Eligible |
| Financial accounting for Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA) | 4 CPE | Eligible |
| Financial accounting concepts for Certified FP&A Professional (FP&A) | 4 CE | Eligible |
| License details | Credits | Status |
|---|---|---|
| Accounting for Certified Public Accountants (CPA-US) | 4 CPE | Approved |
| Financial Accounting for Certified Internal Auditors (CIA) | 4 CPE | Eligible |
| Financial Reporting for Certified Management Accountants (CMA) | 4 CPE | Eligible |
| Accounting for Chartered Financial Analyst (CFA) | 4 PL | Eligible |
| Accounting for Certified Government Financial Manager (CGFM) | 4 CPE | Eligible |
| Accounting for Certified Fraud Examiner (CFE) | 4 CPE | Eligible |
| Accounting for Internal Audit Practitioner (IAP) | 4 CPE | Eligible |
| Financial Reporting for Certified Financial Forensics (CFF) | 4 CPD | Eligible |
| Financial accounting for Certified Valuation Analyst (CVA) | 4 CPE | Eligible |
| Accounting for Qualification in Internal Audit Leadership (QIAL) | 4 CPE | Eligible |
| Accounting for CIPM | 4 PL | Eligible |
| Financial accounting for Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA) | 4 CPE | Eligible |
| Financial accounting concepts for Certified FP&A Professional (FP&A) | 4 CE | Eligible |
Credits
Course Level
Instructional Method
Pre-requisites
Advance Preparation
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Kelen is a recognized author and reviewer of CPE courses and has authored over 150 courses (370+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. His courses are available for purchase from many online CPE providers including the AICPA. Kelen remained involved in CPA exam content development for nearly 10 years and authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s "Journal of Accountancy".
Kelen has nearly 20 years of progressive finance and accounting experience. He currently serves as a Principal in Accounting Policy with HP in Doha, Qatar. Prior to HP, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors.
Kelen is a recognized author and reviewer of CPE courses and has authored over 150 courses (370+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. His courses are available for purchase from many online CPE providers including the AICPA. Kelen remained involved in CPA exam content development for nearly 10 years and authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s "Journal of Accountancy".
Kelen has nearly 20 years of progressive finance and accounting experience. He currently serves as a Principal in Accounting Policy with HP in Doha, Qatar. Prior to HP, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors.
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JM
I have a better understanding of the new lease standards and will be using them to make sure the lease for my clients are in compliance. Good course and will be using it as a resource in the future for consulting.
RN
This program has increased my understanding of 842 a great deal. I really found this course helpful in my normal day to day activities.
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