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Course Details

Overview of Topics

  • 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.

About Presenter

Jim Woy, CPA

Partner,Anderson Zurmuehlen & Co PC

[email protected]

Jim Woy, CPA, is a provider of auditing, accounting, and financial reporting services. Jim also performs peer reviews and presents numerous continuing education courses in the audit and accounting field. He also oversees tax services for corporations, partnerships, individuals, and nonprofit organizations. His service concentrations are government, nonprofit, construction, and health care.

With 39 years in public accounting, Jim is a member of the American Institute of CPAs (AICPA) and was awarded the 2013 and 2014 Outstanding Instructor award from the AICPA. He is also a member of the Montana Society of CPAs and the Butte Chapter of the Montana Society of CPAs. In addition, Jim is an adjunct instructor of auditing at Montana Tech and the University of Montana MAC program. He graduated from the University of Montana with a Bachelor of Science in Accounting and is an enthusiastic runner in his spare time. Jim serves on the AICPA Oversight Task Force. Jim is also the past president of the Butte Family YMCA and the Butte Exchange Club, and is a technical reviewer for the Nevada Peer Review Committee. Jim has been married for 42 years to his wife Kate and has two daughters, Ashley and Alyssa, and six grandchildren. Jim is a diehard Chicago Cubs fan.

Anderson ZurMuehlen & Co., P.C., is a certified public accounting and business advisory firm, headquartered in Helena, Montana, United States. The firm has a professional affiliation with BDO Alliance, an international association of independent accounting and law firms

Review Questions

  • Question 1 : 00:15
  • Question 2 : 00:32
  • Question 3 : 00:49
  • Question 4 : 01:10
  • Question 5 : 01:22
  • Question 6 : 01:40
  1. Which of these does not necessitate the classification of lease as finance lease?
  2. In July. 2019, the FASB delayed the implementation of the new Lease accounting standard for how many years
  3. Which among these is not a key factors of determining lease classification?
  4. If a lessor makes an accounting policy election to use the practical expedient to not separate non lease from lease components for its leased equipment, what requirement must not be met to elect this practical expedient?
  5. Which of these factors determine whether a contract is or contains a lease?
  6. Why are leases with Government Entities or Authorities mostly classified as operating leases?
  1. The effective date to implement ASC Topic 842 is
  2. The full retrospective approach to implementing ASC Topic 842 entails
  3. ASC Topic 842 applies to
  4. The following criteria should be met for a lease contract to meet the definition of a financing lease under Topic 842 , except for
  5. Under Topic 842, an operating lease requires all of the following, except
  6. Under Topic 842, a financing lease requires all of the following
  7. • At the commencement of the lease contract, the lessee will:
  8. Lessee will generally
  9. Related party leases
  10. Practical expedients are addressed in Topic 842 addressing

FAQ

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  • The self-study format allows you to access the material online 24/7 and study at your own pace.
  • As per NASBA guidelines, you have one year from date of registration to complete each program.
  • Complete your final exam at any time and get CPE Credit instantly. You can retake the exam multiple times without any additional charges.
  • Course have minimum passing score of 70% and test takers will not be provided feedback on failed exams.
  • Upon achieving a passing score, test takers will be notified of the correct answers to the questions missed.
  • These are Live recorded presentations converted into Self Study (On-Demand Videos).

Refund/Cancellation Policy

  • For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128
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(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.

  • Cost $20
  • CPE Credits 2
  • Subject Area Accounting
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Recorded Date December 30 ,2019
  • Published Date January 09 ,2020
  • 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
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