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

4.5 (8)

Melisa Galasso, CPA

Galasso Learning Solutions

Thursday, December 17, 2020 | 02:00 PM EST

  • CPA

Credits: 1 CPE

$20

Subject Area

Taxes
Accounting

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Additional Dates

Jan 19, 2021 | 09:30 AM EST Register

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

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

Testimonial

4.5

(8)
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BW

ASC 842 Lease Accounting will make significant changes to our financial statements in the near future. This presentation is about a software product you can buy but it also gives a great strategy and accounting entries for one to use if you do not have many leases. CPAcademy thanks again for another great class.

JB

It was refreshing to take a technical class that helps with debits and credits-complex topics often leave the actual work to conjecture! Thank you for making this topic easy to put into practice. Thank you very much for illustrating different scenarios with detailed journal entries. Your time sharing is much appreciated.

JP

I take a lot of on-line webinars for CPE and I have to say these presenter were fantastic! Very clear and orderly. I learned a lot. Very informative and presenters bring an engaging energy to help keep participants engaged. They also give ample time for the poll questions!

DS

Honestly - this webinar was one of my favorites. I like how it took a high level approach to the new lease standards but then actually applied them with lease incentives. I feel like I learned a lot.

BG

The material was not really relevant to my practice, but I found the presentation excceptionally well done. The explanations were very clear and straightforward, the slides very illustrative of the situations being address, and the speakers quite knowledgeable and precise in their presentation. Has I need for the service they provide, I would unquestionably contact them

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