Overview
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Why Was a Change Necessary
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Lease Classification for a Lessee
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Measuring the Lease Payment
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Subsequent Measurement Requirements
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Sale and Leaseback Transactions
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Financial Statement Disclosures
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Alternatives Provided to Private Companies
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ASUs Released After the New Standard
Course Description
This course provides an overview of the new lease accounting standard issued by the Financial Accounting Standards Board (FASB) prescribed within Accounting Standards Codification (ASC) Topic 842. This includes a discussion of the reasons for the change, how to correctly identify a lease within a contract, and the overall recognition, measurement, subsequent measurement, and disclosure requirements. This course also provides examples of real-world disclosures as well as challenges faced by entities post-adoption.
Learning Objectives
- Determine whether an arrangement contains a lease
- Identify considerations with respect to substitution rights
- Identify the criteria for the new finance lease and short-term leases
- Recognize the new recognition and measurement requirements for both lessees and lessors
- Identify the requirements related to lease modifications