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Identifying leases under the new ASC 842

  • Accountant
  • CPA/ABV
  • 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 standard became effective from the calendar year started on January 1, 2019, for the public companies. For private companies, the standard will be effective from the calendar year beginning January 1, 2020. ASC Topic 842 will substantially alter how companies account for leases in their financial statements. 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. This webinar discusses the definition of the lease and the criteria that must be met for a contract to constitute a lease agreement.

This online continuing education course guides the audience to correctly identify whether a contract is a lease or contains a lease and explains how to distinguish it from the other non-lease service contracts. Under this standard, lease identification is a critical process; this online CPE course will analyze this process step-by-step, providing practical examples, which will clarify the implementation issues associated with that process.

This online CPE has covered the following key topics:

  • The policy elections to be made when implementing ASC 842
  • How ASC 842 impacts business
  • Right of use asset and lease liability under ASC 842

Learning Objectives

  • To identify the criteria for the lease agreements.
  • To recognize the identified assets, the right to control, lease period, and consideration.
  • To analyze how ASC 842 impacts business.
  • To explore the differences between the lease and the other non-lease service agreements.
  • To analyze right of use asset and lease liability under ASC 842.

Recommended For

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

Who Should Attend?

  • Accountant
  • Accounting and audit managers/practitioners
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Accounts Director
  • Bookkeepers & Accountants & Tax Preparers
  • Business Owner
  • CEO
  • Certified Fraud Examiner
  • Chief Accounting Officer
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Director of Accounting
  • Director of Financial Reporting
  • Finance Director
  • 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 for Certified Management Accountants (CMA)
  • 1 CPE Credit for Certified Internal Auditors (CIA)
  • 1 CPE Credit for Certified Fraud Examiner (CFE)
  • 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 Government Financial Manager (CGFM)
  • 1 CRE Credit for Certified Corporate FP&A Professional (FPAC)
  • 1 PL Credit for Chartered Financial Analyst (CFA)
  • 1 PL Credit for Certificate In Investment Performance Measurement (CIPM)
  • 1 CPD Credit for Accredited in Business Valuation (ABV)
  • 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

Moataz Shokry, CPA (US)

Certified Public Accountant (CPA), Massaleh Investment Co.

Moataz has over 15 years of accounting, budgeting, auditing, consolidated financials, IFRS, US GAAP, and other aspects of the financial field.

Moataz began his career as an external auditor for a member firm of an international association providing audit & assurance services worldwide, working with various clients in the education, investment, automotive, constrictions, oil, and manufacturing sectors in the State of Kuwait.

Since 2013, Moataz has held executive positions in Kuwaiti stockbrokers' companies and investment groups.

Moataz gained his experience from solving day-to-day work problems, helping entities implement proper accounting systems; thus, he can support the theoretical topics with practical cases, allowing the audience to realize the maximum benefit from attending his courses.

Moataz holds a bachelor's degree in Accounting from Alexandria University, Egypt, certified in IFRS from the Association of Chartered Certified Accountants, London, UK. Also, he is a Certified Public Accountant (CPA) licensed in North Dakota, USA.

Faq

FAQs content

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  • 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.
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  • 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

3.9

22 Ratings

Excellent

3

Very Good

13

Average

6

Poor

0

Terrible

0

CS

Charles Seltman, CFP (US), CPA (US)

Jan 20th, 2021

Almost too elementary. Started off as though we know nothing about leases. Also speaker spoke too quietly - had to have volume all the way up - or not close enough to the microphone. I put that into the 'chat' and the volume did increase for the last half of the seminar.

Identifying leases under the new ASC 842

$10

1 Credit

Subject Area

Accounting

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