Critical Decisions Under New Lease Standard ASC 842

Course Description
Course Qualification
Presenter
FAQ

Course Description

The new accounting standard for leases, ASC 842 was issued to replace the previous lease standard ASC 840. Standard ASC 842 is already in effect for public companies and goes into effect in late 2021 for all other organizations.

This course will cover the critical decisions required under the new lease standard. We’ll cover implementation decisions related to discount rates, how to handle existing balances, leasehold improvements, related parties, materiality, and embedded leases. For these decisions, we’ll include practical expedients and mistakes to avoid. This course will also include ongoing decisions related to the lease standard like fair value, economic life, and separating lease and non-lease components.

Once you’ve completed this course, you’ll understand what critical decisions should be considered when implementing the new lease standard. Learn more with LeaseCrunch!

Learning Objectives

To discuss what decisions should be made at implementation related to:

Discount rates
Existing balances
Leasehold improvements
Related parties
Materiality
Embedded Leases

To discuss relief available at the implementation for

Fair Value
Economic Life
Separating Lease and Non-lease Components

Recommended For

This online CPE webinar is recommended for CMA, CPA (US), CIA, IAP, QIAL, CVA, and other accounting professionals at all levels in both public accounting and private industry who want to upgrade themselves in reporting under New Lease Standard ASC 842 in financial statements.

Who Should Attend?

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

Course Qualification

Webinar Qualifies For

1 CPD Credit of Financial Reporting for Certified Financial Forensics (CFF)
1 CPE Credit of Accounting for Certified Fraud Examiner (CFE)
1 CPE Credit of Financial Accounting for Certified Internal Auditors (CIA)
1 CPE Credit of Accounting & Auditing for Certified Management Accountants (CMA)
1 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
1 CPE Credit of Financial accounting for Certified Valuation Analyst (CVA)
1 PL Credit for Chartered Financial Analyst (CFA)
1 CPE Credit for Internal Audit Practitioner (IAP)
1 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
1 PL Credit for Certificate In Investment Performance Measurement (CIPM)
1 CPE Credit of Financial accounting for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
1 CRE Credit for Certified Corporate FP&A Professional (FPAC)
1 CPD Credit of Financial Reporting for Accredited in Business Valuation (ABV)
1 CPE Credit for Certified Government Financial Manager (CGFM)
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

Jess Vento, MBA

Director of Customer Success, LeaseCrunch

Jess has a knack for operations, process improvement, and helping her staff exceed expectations. Jess has an MBA in Leadership and Management and a BA in Accounting, both from Ottawa University’s Brookfield, WI campus. Jess’ varied professional experience includes working for companies like US Bank, Harley-Davidson Motor Company, Burke Properties, and Founders 3 Real Estate Services. She has spent the last few years working directly with clients to meet and exceed their goals. At LeaseCrunch, she serves as the go to resource for CPA firms, coordinating what they need to successfully implement the new lease standard and adopt lease accounting software.

Jess has been President of the Accounting & Financial Women's Alliance (AFWA) Milwaukee Chapter and a contributor for MKE Moms Blog and is currently a member of TEMPO Milwaukee's Emerging Women Leaders group.

About Company

LeaseCrunch

leasecrunch.com

LeaseCrunch, the easiest lease accounting software on the market, is a comprehensive, cloud-based solution. LeaseCrunch helps organizations implement the new lease accounting standards, ASC 842, GASB 87, GASB 96, and IFRS 16.

A simple but powerful tool, LeaseCrunch significantly reduces the time needed to transition, account for, and maintain leases.

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

4.4

165 Ratings

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Irina Halfon, CPA (US)

Mar 29th, 2022

Very informative presentation with real-life application. Particularly appreciated the extra time spent on the effective date, the discount rates, and the embedded leases. Also going through advantages and disadvantages of various decisions was very helpful.

Brittany Withey, CPA (US)

Jun 22nd, 2022

myCPE is so easy to use and offers a great variety of free and low cost webinars, great resource for obtaining CPE credits. The presenter for this webinar had a strong knowledge of the updates to the leasing standard and presented it well.