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Executive Overview of Leases (Topic 842) Exploring Both the Accounting & Tax Implications

4.8 (4)

Melisa Galasso, CPA (US)

Galasso Learning Solutions

  • CMA
  • CPA (US)
  • CGMA

Published: April, 2020

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Before starting this self study program, please go through the instructional document.

Overview

  • Economic Benefit
  • Substantive Substitution Rights
  • Lease Classification
  • Implementation Guidance
  • Subsequent Measurement
  • Tax Implications

Course Description

The FASB’s new standard on leases is a significant change to lease accounting; requiring, among other things, nearly all leases to be presented on the balance sheet.ASC Topic 842 will substantially alter how companies account for leases in their financial statements. This webinar provides an overview of the guidance for lessees with a focus on those provisions representing major substantive changes to financial reporting

This 1 CPE webinar offers an overview of the new leases standard, which requires organizations to recognize lease assets and liabilities on the balance sheet. From an accounting perspective, this course will cover the recognition of a lease using a principles-based approach, finance versus operating classification, and the impact on financial statements for both lessees and lessors. Flipping to taxation, this course explores temporary differences created by deferred tax liabilities and assets, as well as the next steps for corporate tax departments. 

Highlights of the webinar : 

  • Leases (Topic 842)
  • Economic Benefits
  • Lease classification
  • Tax Implications

Recommended for those seeking to understand how both the Accounting and Taxation of Leases has been impacted by recent changes should attend this webinar. 

Learning Objectives

  • To recognize the conditions leading to a lessee’s classification of a lease as a financing lease.
  • To identify the circumstances necessitating the re-measurement of a lease liability
  • To identify the accounting implications of a lease modification to a lessee
  • To recognize the tax implications of the new lease standards

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Auditors
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA

Testimonial

4.8

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CS

Thank you for presenting a complex topic is such an easy manner. The speakers were enthusiastic about their knowledge and wanting to share. I will definitely review the recording to drill into some of the important aspects