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
