Practical Update on New Lease Accounting

4.8 (14)

Jim Woy, CPA

Anderson Zurmuehlen & Co PC

  • CPA
  • CMA
  • CPA(Canada)

Before starting this self study program, please go through the instructional document.

Overview

  • Summarizes key accounting guidance regarding the accounting for leases under ASC Topic 84210 mins
  • Review implementation options18 mins
  • Review the definition of a lease20 mins
  • Distinguish between an operating lease and financing lease23 mins
  • Review the basic accounting entries to record an operating and capital lease29 mins
  • Review practical examples to help illustrate the key points of determining whether a lease component is present in a contract, variable lease payments and lease modifications68 mins

Course Description

The FASB issued Accounting Standards Codification Topic 842 (ASC 842), which is effective in 2019 for public companies. ASC Topic 842 will substantially alter how companies account for leases in their financial statements. This new standard will affect any entity that enters a lease and will force organizations to evaluate their accounting policies, procedures, controls, and systems. This webinar will prepare you for the financial reporting challenges that the new guidance will impose on all financial statement prepares.

HIGHLIGHTS OF THE WEBINAR:

  • Best practices for transitioning to the new rules.
  • Discover new disclosure requirements for lessees and lessors
  • Examine the accounting for sale/leaseback transactions
  • Explore the impact of the new rules on financial reporting of income taxes and leases acquired in a business combination

Learning Objectives

  • Understanding of New Lease Accounting Model.
  • Accounting guidance for the Update as per ASC 842.
  • To know different types of Key Exemptions.
  • Practical Expedient Election for Lessor and Lessees.
  • Key details on the modifications in lease, lease with government entities or authorities, and related party leases.

Who Should Attend?

  • Bookkeeper
  • Accountant
  • CPA - Small Firm
  • CPA - Mid Size Firm
  • CPA - Large Firm
  • Accounting Firm
  • Young CPA
  • CPA in Business
  • Entrepreneurial CPA
  • Accounting Practice Owners
  • Senior Accountant
  • VP Accounts
  • Accounts Director
  • Cloud Accountants
  • Chief Accounting Officer
  • Entrepreneurial Accountant
  • Accounting Managers

Testimonial

4.8

(14)
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