ASC 842 – Leases

  • Accountant
  • CPA/ABV
  • CPA/CFF
  • CFE
  • CGFM
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • CFA
  • IAP
  • QIAL
  • CIPM
  • CBA/MCBA
  • FPAC
  • CFIRS
  • CWS

Published: March, 2022

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  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Identifying a lease in a contract
    8 mins
  • Substantive substitution rights
    12 mins
  • Right to direct the use of identified asset
    24 mins
  • Consideration in the contract
    36 mins
  • Contract combinations
    54 mins
  • Reassessing lease term and purchase options
    74 mins

Course Description

For many reporting entities, leasing is an important way to obtain access to the property. It allows lessees to finance the use of necessary assets, often simplifies the disposal of used property, and reduces a lessee’s exposure to the risks inherent in asset ownership.

The accounting for leases is changing significantly.

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.”

This addition will replace ASC 840: Leases.

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.

The FASB’s proposed delay of the effective date of ASC 842 for non-public business entities has allowed those organizations more time to get their affairs in order. But a recent survey by Deloitte found that only 26% of public company execs say their ASC 842 implementations are complete.

This is especially shocking considering the implementation should already be in effect!

The delay won’t go on much longer, and when it’s time to comply – is your organization ready?

In this CPE webinar on accounting, the speaker Michel Morley answer the following major questions:

  • How to recognize principles of FASB ASC 842?
  • What are the requirements for identifying a contract under FASB ASC 842?
  • What are the performance obligations under FASB ASC 842?
  • How to determine and allocate lease costs under FASB ASC 842?
  • What are the lessor and lessee perspectives for applying leasing accounting policies?
  • What are the disclosure requirements?

Learning Objectives

  • To recognize the principles of FASB ASC 842
  • To discuss the requirements for identifying a contract under FASB ASC 842
  • To discuss what are the performance obligations under FASB ASC 842
  • To determine and allocate lease costs under FASB ASC 842
  • To identify what are the lessor and lessee perspectives for applying leasing accounting policies?
  • To explore the disclosure requirements

Recommended For

  • This online CPE webinar is recommended for CMA, CPA (US), CIA, IAP, QIAL, CVA, and other 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 Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Certified Management Accountant (CMA)
  • Certified Public Accountant (CPA)
  • Chief Accounting Officer
  • CPA (Industry)
  • CPA - Large Firm
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Director of Accounting
  • Staff of Accounting Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

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

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • Instructional Method :
    QAS Self Study
  • 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

Michel Morley

Founder, Mike Morley

Mike Morley is a Certified Public Accountant and a recognized authority in the field of finance with more than 25 years experience in finance, including SOX and IFRS implementation.

An entertaining and informative speaker and trainer, Mike is the author of:

“IFRS Simplified” which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS.

 “Sarbanes-Oxley Simplified” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements.

“Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate.

Faq

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