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ASC 842 - What you need to know

  • CIA
  • CMA
  • CPA (US)
  • CVA
  • IAP
  • QIAL
asc 842 lease accounting CPE course

1 Credit

FREE

Subject Area

Accounting

Webinar Qualifies For

1 CPE credit of Accounting for all CPAs

1 CPE credit of External Financial Reporting Decisions for CMAs

1 CPE credit for Certified Internal Auditors (CIA)

1 CPE credit for Qualification in Internal Audit Leadership (QIAL)

1 CPE credit for Internal Audit Practitioner (IAP)

1 CPD credit (Verifiable) for Certified Valuation Analyst (CVA)

1 General Educational credit for Tax Professionals / Bookkeepers / Accountants

Course Description

It’s been widely publicized that the new lease accounting standard ASC 842 impacts many companies regardless of industry. The only prerequisite is a company entering into a lease. ASC 842 has already been adopted for public companies and will be applicable for all private companies from 2022, replacing ASC 840. This accounting standard aims to bring leases onto the balance sheet and increase transparency and visibility into an organization's lease assets.

The new lease standard requires more from lessees. Now is the time to start learning about and getting ready to implement ASC 842. In this continuing education course, we’ll talk about what it will take to gather your lease portfolio, get started analyzing those leases and review contracts for embedded leases. We’ve pulled together a list of real-world lease examples and we’ll talk about how to calculate the lease liability, ROU asset and discuss practical expedients.

ASC Topic 842 will substantially alter how companies account for leases in their financial statements. This online CPE webinar will prepare you for the financial reporting challenges that the new guidance will impose on all financial statement preparers.

This continuing education course will mainly focus to give financial professionals a comprehensive understanding of the changes that the new pronouncement (ASC Topic 842) will make to the current accounting rules for leases. You’ll examine how the new rules will impact your financial statements, and you’ll gain practical guidance on how to apply the new rules to your company’s reporting situation.

This accounting continuing education course will highlight the main areas of concern when adopting the new lease accounting standard ASC 842. The topics that will be covered are:

  • What are the changes in lease accounting?
  • Areas of focus
  • Scope exemptions
  • Accounting judgments : (1) Is it a lease? (2) Lease components (3) Discount rate (4) Lease accounting end date
  • How to calculate a lease liability and right of use asset?
  • How to transition and practical expedients available?

In this Online continuing Education webinar CPA & Financial professionals will get a comprehensive understanding of the changes that the new pronouncement (ASC Topic 842) will make to the current accounting rules for leases. You’ll examine how the new rules will impact your financial statements, and you’ll gain practical guidance on how to apply the new rules to your company’s reporting situation.

Learning Objectives

  • To discuss the requirements of the new lease standard
  • Determine the critical judgment areas of ASC 842
  • To grasp the fundamentals of the net present value calculations required
  • To describe the options available to transition from ASC 840 to ASC 842

Who Should Attend?

  • Accountant
  • Accounting and audit managers/practitioners
  • Accounting Firm
  • Accounting Managers
  • Accounts Director
  • Assistant Controllers
  • Bookkeepers & Accountants & Tax Preparers
  • Certified Fraud Examiner
  • Certified Management Accountant
  • Certified Public Accountant
  • Certified Valuation Analysts
  • CFO/Controller
  • Chief Accounting Officer
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Director of Financial Reporting
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA

Testimonial

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4.4

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50%
44%
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JB

Good Information

JS

This presenter was fantastic. This CPE was one of the most information-packed, useful and yet easy to understand sessions that i've attended. Really super helpful.

PL

Highlighting important accounting issues in a format that is engaging and informative.

JP

It was all good.

NR

Great summary presentation of the new ASC 842. Thank you!

LG

This was my first program with myCPE. I found it very well organized, the instructor was knowledgeable, clear and well spoken, and the material was relevant. I will be attending other programs in the future.