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Identifying leases under the new ASC 842

3.8 (8)

Moataz Shokry, CPA

Massaleh Investment Co.

Friday, July 23, 2021 | 01:30 PM EDT

  • CIA
  • CMA
  • CPA
  • CVA
  • IAP
  • QIAL

1 Credit

$10

Subject Area

Accounting

Webinar Qualifies For

1 CPE credit of Accounting for all CPAs

1 CPE credit for Certified Management Accountants (CMA)

1 CPE credit for Certified Internal Auditors (CIA)

1 CPE credit for Internal Audit Practitioner (IAP)

1 CPE credit for Qualification in Internal Audit Leadership (QIAL)

1 CPD credit (Verifiable) for Certified Valuation Analyst (CVA)

1 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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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

This online CPE webinar 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 lease in financial statements 

Learning Objectives

  • To identify the criteria for the lease agreements.
  • To recognize the identified assets, the right to control, lease period, and consideration.
  • To explore the differences between the lease and the other non-lease service agreements.

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
  • 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

Testimonial

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    [no_of_record] => 8
    [average] => 3.7500
)
 

3.8

(8)
13%
50%
38%
0%
0%

CS

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.