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

Course Details

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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
  • To recognize the basis for the allocation of consideration to lease components

About Presenter

Melisa Galasso, CPA

Owner, Galasso Learning Solutions

melisa@galassolearningsolutions.com

Melisa Galasso, CPA, is the founder of Galasso Learning Solutions LLC. With over 15 years of experience in the accounting profession, Melisa designs and facilitates courses in advanced technical accounting and auditing topics, including not for profit and governmental accounting. She also supports essential professional development, public speaking, and business skills. Melisa closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.

Melisa earned the Association for Talent Development (ATD) Master Trainer™ designation. She is a member of and frequent instructor for the American Institute of Certified Public Accountants (AICPA), the North Carolina Association of Certified Public Accountants (NCACPA), and the Virginia Society of Certified Public Accountants (VSCPA).

Melisa was appointed in 2016 to the AICPA’s Technical Issues Committee (TIC), which is responsible for monitoring the activities of the various accounting and attestation standard-setting boards and submitting comments and recommendations during the due process phase. Melisa is also currently serving on the Board of Directors for the VSCPA. Previously, she served as President of the Board of NCACPA’s Charlotte Chapter, Chair of the A&A Committee for the NCACPA, and held several leadership positions with the VSCPA.

Melisa received the 2013 Women to Watch – Emerging Leader Award from the NCACPA and AICPA. She is a graduate of the 2014 class of the AICPA’s Leadership Academy. In 2016, Melisa was honored as one of the 50 Most Influential Women by the Mecklenburg Times and received the Top 5 Under 35 Award from the VSCPA. She received a 5.0 Speaker award from the NCACPA in 2015, 2016 and 2017. In 2016, Melisa received the Don Farmer Award from the NCACPA for the highest combined average scores on knowledge, skills, and materials from participant evaluations for all courses taught in a technical area. Melisa is a 2017 and 2018 recipient of the AICPA’s Outstanding Discussion Leader award which is given to the top 10% of all AICPA facilitators around the country.

Prior to establishing Galasso Learning Solutions, Melisa worked in public accounting, industry, internal audit, and academia. She received a Bachelor of Science in Business Administration with a concentration in Accounting and International Business from Georgetown University.

Continuing education for CPAs should be impactful, relevant, and engaging, so using our proven Galasso Learning Solutions (GLS) process, I am committed to providing Continuing Professional Education (CPE) to firms and entities that fulfill real educational requirements for growth and excellence — not just for the sake of compliance.

As Founder and CEO of GLS, I design and facilitate courses in advanced technical accounting and auditing topics. Since GLS values a commitment to excellence in CPE, I closely monitor regulatory bodies for changes in auditing and accounting guidance and serve as a subject matter expert in implementing the updated guidance.

I’m driven by clients who are motivated to invest in high-quality custom training for their members. As my training practice continues to grow through in-person instruction, live webinars, and on-demand replays, so grows my commitment to the core values that set apart GLS in the first place.

GLS has set out to be a positive force in the accounting profession by empowering other CPAs with quality continuing education and through servant leadership in support of an ever-changing profession.

"Melisa is one of the most knowledgeable trainers we have ever brought in to our firm to present. Her technical knowledge is obvious and her being plugged in to FASB, GASB, AICPA and all the pertinent organizations that affect our profession make her stand above the rest. We very much look forward to her next visit.” - Annie M. Yoder, CPA/CFF, CFE | Principal | Rea & Associates, Inc.

HIGHLIGHTS: Association for Talent Development (ATD) Master Trainer™| Certified Professional in Learning & Performance (CPLP) | AICPA Technical Issues Committee member | VSCPA Board Member | CPA Practice Advisor “40 under 40” 2017, 2018 & 2019 | Charlotte NAWBO 2019 Rising Star

About Co-Presenter

Melisa Galasso, CPA

Owner,Galasso Learning Solutions

melisa@galassolearningsolutions.com

Melisa Galasso, CPA, is the founder of Galasso Learning Solutions LLC. With over 15 years of experience in the accounting profession, Melisa designs and facilitates courses in advanced technical accounting and auditing topics, including not for profit and governmental accounting. She also supports essential professional development, public speaking, and business skills. Melisa closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.

Melisa earned the Association for Talent Development (ATD) Master Trainer™ designation. She is a member of and frequent instructor for the American Institute of Certified Public Accountants (AICPA), the North Carolina Association of Certified Public Accountants (NCACPA), and the Virginia Society of Certified Public Accountants (VSCPA).

Melisa was appointed in 2016 to the AICPA’s Technical Issues Committee (TIC), which is responsible for monitoring the activities of the various accounting and attestation standard-setting boards and submitting comments and recommendations during the due process phase. Melisa is also currently serving on the Board of Directors for the VSCPA. Previously, she served as President of the Board of NCACPA’s Charlotte Chapter, Chair of the A&A Committee for the NCACPA, and held several leadership positions with the VSCPA.

Melisa received the 2013 Women to Watch – Emerging Leader Award from the NCACPA and AICPA. She is a graduate of the 2014 class of the AICPA’s Leadership Academy. In 2016, Melisa was honored as one of the 50 Most Influential Women by the Mecklenburg Times and received the Top 5 Under 35 Award from the VSCPA. She received a 5.0 Speaker award from the NCACPA in 2015, 2016 and 2017. In 2016, Melisa received the Don Farmer Award from the NCACPA for the highest combined average scores on knowledge, skills, and materials from participant evaluations for all courses taught in a technical area. Melisa is a 2017 and 2018 recipient of the AICPA’s Outstanding Discussion Leader award which is given to the top 10% of all AICPA facilitators around the country.

Prior to establishing Galasso Learning Solutions, Melisa worked in public accounting, industry, internal audit, and academia. She received a Bachelor of Science in Business Administration with a concentration in Accounting and International Business from Georgetown University.

Continuing education for CPAs should be impactful, relevant, and engaging, so using our proven Galasso Learning Solutions (GLS) process, I am committed to providing Continuing Professional Education (CPE) to firms and entities that fulfill real educational requirements for growth and excellence — not just for the sake of compliance.

As Founder and CEO of GLS, I design and facilitate courses in advanced technical accounting and auditing topics. Since GLS values a commitment to excellence in CPE, I closely monitor regulatory bodies for changes in auditing and accounting guidance and serve as a subject matter expert in implementing the updated guidance.

I’m driven by clients who are motivated to invest in high-quality custom training for their members. As my training practice continues to grow through in-person instruction, live webinars, and on-demand replays, so grows my commitment to the core values that set apart GLS in the first place.

GLS has set out to be a positive force in the accounting profession by empowering other CPAs with quality continuing education and through servant leadership in support of an ever-changing profession.

"Melisa is one of the most knowledgeable trainers we have ever brought in to our firm to present. Her technical knowledge is obvious and her being plugged in to FASB, GASB, AICPA and all the pertinent organizations that affect our profession make her stand above the rest. We very much look forward to her next visit.” - Annie M. Yoder, CPA/CFF, CFE | Principal | Rea & Associates, Inc.

HIGHLIGHTS: Association for Talent Development (ATD) Master Trainer™| Certified Professional in Learning & Performance (CPLP) | AICPA Technical Issues Committee member | VSCPA Board Member | CPA Practice Advisor “40 under 40” 2017, 2018 & 2019 | Charlotte NAWBO 2019 Rising Star

FAQ

  • To receive CPE credit for the event, you must register for the webcast prior to the start of each program.
  • CPE is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete webinar and respond to all polling questions asked during the webinar. CPE is issued on 50 minute credit hour basis.
  • This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during/after the webinar.

Refund/Cancellation Policy

For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128

In case any of the course or live webinars gets cancelled we would be refunding you the entire amount (if paid).

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NASBA Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) 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.

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  • Cost $20
  • CPE Credits 1
  • Subject Area Taxes (0.5 Credit)
    Accounting (0.5 Credit)
  • Course Level Update
  • Instructional Method group internet based
  • Prerequisites Prior Experience With Financial Reporting Or Business Taxation
  • Advanced Preparation None
  • Who should attend? Accountant Business Owner CPA - Small Firm CPA - Mid Size Firm Accounting Firm Young CPA CPA in Business Entrepreneurial CPA Accounting Practice Owners Accounts Director CEO Cloud Firms Chief Accounting Officer Entrepreneurial Accountant Accounting Managers
  • Handout Material Download

upcoming Live CPE Webinars

Hands-On Tax Return Workshop – Partnerships & LLCs (Form 1065)
Monday, July 06, 2020 | 09:00 AM EDT View Details/Register
QuickBooks: Year-end Procedures
Monday, July 06, 2020 | 09:00 AM EDT View Details/Register
Fundamentals of Income Taxation of Trusts & Form 1041 Planning: What Every Advisors Needs to Know
Monday, July 06, 2020 | 09:00 AM EDT View Details/Register
Measuring and Managing Customer Profitability
Monday, July 06, 2020 | 11:30 AM EDT View Details/Register
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Monday, July 06, 2020 | 12:00 PM EDT View Details/Register
Ethics for Arizona CPAs : Part 2 (Board of Accountancy)
Monday, July 06, 2020 | 12:00 PM EDT View Details/Register
TAX PRACTICE STANDARDS (ETHICS)
Monday, July 06, 2020 | 12:30 PM EDT View Details/Register
FRAUD ESSENTIALS: WHO? How? why? what?
Monday, July 06, 2020 | 01:30 PM EDT View Details/Register
LATEST UPDATES ON FBAR AND FATCA OBLIGATIONS FOR INDIVIDUALS AND ENTITIES (COVID-19)
Monday, July 06, 2020 | 01:30 PM EDT View Details/Register
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Monday, July 06, 2020 | 03:00 PM EDT View Details/Register
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Monday, July 06, 2020 | 03:00 PM EDT View Details/Register
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Monday, July 06, 2020 | 03:30 PM EDT View Details/Register
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Tuesday, July 07, 2020 | 09:00 AM EDT View Details/Register
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Tuesday, July 07, 2020 | 10:00 AM EDT View Details/Register