ASC 842: How to prepare for common Day 2 lease accounting challenges

  • Accountant
  • CPA/CFF
  • CFE
  • CGFM
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • CFA
  • IAP
  • QIAL
  • CIPM
  • CBA/MCBA
  • FPAC
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

The new Accounting Standards Codification (ASC) Topic 842, leases, issued to replace the previous leases standard ASC 840. Thanks to the now required implementation of ASC 842, which demands that lessees record nearly all leases on their balance sheets, public businesses are now seeing their balance sheets “blowing up.” It’s not just public businesses, as non-public companies are being put on notice for an upcoming effective date of their own ASC 842 mandates.

This new standard brings most operating leases, which were accounted for off-balance sheet under the previous leases standard ASC 840, onto the balance sheet. That's why the question of whether a contract is within the scope of leases or not is essential to be considered.

Maintaining lease accounting compliance is complicated.

ASC 842 is not a one-and-done disclosure; it is a whole new approach to accounting with a much higher level of scrutiny. Leases are dynamic. Terms change all the time as businesses take on new spaces, scale back and/or renegotiate leases. To stay compliant with ASC 842, you must account for every change. But without the proper knowledge and tools, businesses will run into challenges with staying compliant.

In this CPE webinar, we will take a closer look at how to remain compliant after adoption – and how to handle lease re-measurements, modifications, and terminations.

Learning Objectives

  • To discuss common day 2 scenarios that affect lease accounting reports.
  • To identify the accounting implications of a lease modification to a lessee.
  • To recognize the tax implications of the new lease standards.
  • To analyze how to handle re-measurements, modifications, and terminations.
  • To discuss actionable takeaways for success.

Recommended For

  • This Online CPE webinar is recommended for CMA, CPA (US), CIA, IAP, QIAL, CVA, ABV, CBA/MCBA, and other accounting and attestation practitioners at all levels in both public accounting and private industry who want to understand and tackle the challenges of new lease standard ASC 842.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Certified Management Accountant (CMA)
  • Certified Public Accountant (CPA)
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 CPE Credit for Certified Internal Auditors (CIA)
  • 1 CPE Credit for Certified Management Accountants (CMA)
  • 1 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
  • 1 CPE Credit for Certified Valuation Analyst (CVA)
  • 1 CPE Credit for Internal Audit Practitioner (IAP)
  • 1 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
  • 1 CPE Credit for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 1 CPD Credit for Certified Financial Forensics (CFF)
  • 1 CPE Credit for Certified Fraud Examiner (CFE)
  • 1 CPE Credit for Certified Government Financial Manager (CGFM)
  • 1 PL Credit for Chartered Financial Analyst (CFA)
  • 1 PL Credit for Certificate In Investment Performance Measurement (CIPM)
  • 1 CRE Credit for Certified Corporate FP&A Professional (FPAC)
  • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit for Certified Wealth Strategist (CWS)
  • 1 General Credit for Accountant/Bookeeper

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

Rosemary Courtney, CPA, MBA

Technical Accounting Director, Visual Lease

Rosemary is a Certified Public Accountant in New York, and has over 30 years of experience in financial leadership roles. She holds a BA in Economics from Rutgers University, and an MBA in Finance from NYU's Stern School of Business.

About Company

Visual Lease

www.visuallease.com

Visual Lease is the #1 lease optimization software provider. We help organizations become compliant with FASB, IFRS and GASB lease accounting standards, while simultaneously improving the financial, legal and operational performance of their leases. Our easy-to-use SaaS platform is embedded with more than three decades of best practices from major corporations and leading industry professionals. Our award-winning solutions are used by nearly 1,000 organizations to manage 500,000+ real estate, equipment and other leased assets. Committed to ongoing innovation and unparalleled customer service, Visual Lease helps organizations transform their lease compliance requirements into financial opportunities. For more information, visit visuallease.com.

About Presenter

Bruce Pounder

Executive Director, GAAP Lab

Bruce is the Executive Director of GAAP Lab. He specializes in solving his clients’ complex, ambiguous and controversial technical accounting problems. In particular, he has helped more than 45 public and private companies implement the new accounting standards for leases (ASC 842 and IFRS 16).

About Company

GAAP Lab

www.gaaplab.com

Published guidance often lacks clear, practical answers to technical accounting and financial reporting questions. GAAP Lab helps clients develop answers to their questions about new accounting standards (e.g., ASC 606, Revenue from Contracts with Customers; ASC 842, Leases). The answers are tailored to each client's unique facts and circumstances and are robust enough to satisfy clients' auditors.

Faq

FAQs content

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  • 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

4.4

86 Ratings

Excellent

45

Very Good

32

Average

8

Poor

1

Terrible

0

Sheila Battie Howard
Sheila Battie Howard, Others

Mar 22nd, 2022

My overall experience was that the instructor was very knowledgeable and provided everyone with the tools need to move forward with ASC 842 compliances.

TB

Tracy Bowers, CPA (US)

Mar 23rd, 2022

It went a little long - so i think it could have gone longer.

GH

Gregory Howell, CPA (US)

Mar 22nd, 2022

I always like it when presenters “tag team”.

AM

Alfred Morrow, CPA (US)

Mar 22nd, 2022

Wonderful webinar

RH

Ron Heemstra, CIA

Mar 22nd, 2022

The material was pretty boring and the presenters just read from a screen. Kind of monotonous and hard to stay focused.

ASC 842: How to prepare for common Day 2 lease accounting challenges

FREE

1 Credit

Subject Area

Accounting

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