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ASC 842 - What you need to know

  • Accountant
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • IAP
  • QIAL
  • CBA/MCBA
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

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

Recommended For

  • This online CPE webinar for CPAs, CMAs, CVAs, CIAs is recommended for accounting and attestation practitioners at all levels in both public accounting and private industry who want to upgrade themselves about accounting standard for reporting of the lease in financial statements.

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 (CMA)
  • Certified Public Accountant (CPA)
  • 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

Course Qualification

Webinar Qualifies For

  • 1 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
  • 1 CPE Credit for Internal Audit Practitioner (IAP)
  • 1 CPE Credit for Certified Valuation Analyst (CVA)
  • 1 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
  • 1 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
  • 1 CPE Credit of Financial Reporting for Certified Management Accountants (CMA)
  • 1 CPE Credit of Financial Reporting for Certified Management Accountants (CMA)
  • 1 CPE Credit of Accounting & Auditing for Certified Internal Auditors (CIA)
  • 1 CPE Credit of Accounting & Auditing for Certified Internal Auditors (CIA)
  • 1 CPE Credit for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit for Certified Wealth Strategist (CWS)
  • 1 General Credit for Accountant/Bookkeeper/Tax Professionals

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    Group Internet Based
  • Pre-requisites :
    None
  • Advance Preparation :
    None

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.

Presenter

About Presenter

Brendan Doyle

Business Development Associate, Cradle Accounting

Brendan is one of the co-founders of Cradle Accounting. Before Cradle, Brendan worked for KPMG, EY & PwC in audit, capital markets, and lastly in technical accounting. In addition, Brendan has had exposure to several financial markets and their reporting requirements, having been based in NYC, San Francisco, Sydney, and Johannesburg.

During this time and working closely with his clients, he wondered why the technological innovation we see in other industries, e.g., self-driving cars, has not crossed over to accounting. Enter Cradle Accounting.

About Company

Cradle Accounting

www.cradleaccounting.com

Cradle is a cloud-based software that will automate a company's lease accounting with ASC 842 and IFRS 16. Input the contractual details, and Cradle will do the rest, starting with the net present value calculations, journal entries, and financial reports, including disclosures.
 
Cradle's position in the market is straightforward. Transparent, intuitive software with all the required functionality at a competitive price. For more information, visit our pricing page, watch a demo here, and sign up for a trial today.

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
  • Polling feature Not supported: If you are logging in through browser or web portal in the browser (zoom.us) it doesn’t support the polling feature. Please be advised the current polling feature can only be supported via Zoom desktop and mobile app. You can check the same here : https://support.zoom.us/hc/en-us/articles/203749865-Polling-for-webinars
  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
  • If you still face the polling problem please don’t panic and provide your response in the chat and we shall consider the same for processing for credits. You can download Zoom by clicking on the mentioned link : https://zoom.us/download
  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

4.5

82 Ratings

Excellent

42

Very Good

35

Average

5

Poor

0

Terrible

0

LG

Lisa Guerrera, CPA (US)

Aug 24th, 2021

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.

JS

Jim Sammarco, CPA (US)

Aug 24th, 2021

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

Paula Lange, CPA (US)

Aug 24th, 2021

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

NR

Nadia Rabinovich, CPA (US)

Aug 24th, 2021

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

JW

Judi Watson, CPA (US)

Aug 24th, 2021

Informative Class.

asc 842 lease accounting CPE course

FREE

1 Credit

Subject Area

Accounting

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