Critical Decisions Under New Lease Standard ASC 842

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Critical Decisions Under New Lease Standard ASC 842

Reviewed

November, 2023

Jess Vento, MBA

Learning Objectives

To discuss what decisions should be made at implementation related to:

Discount rates
Existing balances
Leasehold improvements
Related parties
Materiality
Embedded Leases

To discuss relief available at the implementation for

Fair Value
Economic Life
Separating Lease and Non-lease Components

Course Description

The new accounting standard for leases, ASC 842 was issued to replace the previous lease standard ASC 840. Standard ASC 842 is already in effect for public companies and goes into effect in late 2021 for all other organizations.

In this Online CPE course on Accounting Jess Vento will cover the critical decisions required under the new lease standard. She’ll cover implementation decisions related to discount rates, how to handle existing balances, leasehold improvements, related parties, materiality, and embedded leases. For these decisions, we’ll include practical expedients and mistakes to avoid. This course will also include ongoing decisions related to the lease standard like fair value, economic life, and separating lease and non-lease components.

Once you’ve completed this course, you’ll understand what critical decisions should be considered when implementing the new lease standard. Learn more with LeaseCrunch!

Overview

ASC 840 to ASC 842

8 mins
Discount rates

17 mins
Existing balances

24 mins
Embedded leases

35 mins
Ongoing decisions

39 mins

Webinar Qualifies For

1 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
1 General Credit of Accounting for Accountant/Bookkeeper/Tax Professionals
1 CPE Credit of Financial Accounting for Certified Internal Auditors (CIA)
1 CPE Credit of Accounting for Certified Fraud Examiner (CFE)
1 CPE Credit of Financial Reporting for Certified Management Accountants (CMA)
1 CPE Credit of Financial accounting for Certified Valuation Analyst (CVA)
1 CPD Credit of Financial Reporting for Accredited in Business Valuation (ABV)
1 CPD Credit of Financial Reporting for Certified Financial Forensics (CFF)
1 PL Credit of Accounting for Chartered Financial Analyst (CFA)
1 CPE Credit of Accounting for Certified Government Financial Manager (CGFM)
1 CPE Credit of Accounting for Internal Audit Practitioner (IAP)
1 CPE Credit of Financial accounting for Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA)
1 CE Credit of Financial accounting concepts for Certified FP&A Professional (FP&A)
1 CPE Credit of Accounting for Qualification in Internal Audit Leadership (QIAL)
1 PL Credit of Accounting for CIPM

About Instructor

Jess Vento, MBA

Director of Customer Success, LeaseCrunch

Jess has a knack for operations, process improvement, and helping her staff exceed expectations. Jess has an MBA in Leadership and Management and a BA in Accounting, both from Ottawa University’s Brookfield, WI campus. Jess’ varied professional experience includes working for companies like US Bank, Harley-Davidson Motor Company, Burke Properties, and Founders 3 Real Estate Services. She has spent the last few years working directly with clients to meet and exceed their goals. At LeaseCrunch, she serves as the go to resource for CPA firms, coordinating what they need to successfully implement the new lease standard and adopt lease accounting software.

Jess has been President of the Accounting & Financial Women's Alliance (AFWA) Milwaukee Chapter and a contributor for MKE Moms Blog and is currently a member of TEMPO Milwaukee's Emerging Women Leaders group.

Additional Information

Duration

1 Hour

Course Level

Basic

Instructional Method

QAS Self Study

Pre-requisites

None

Advance Preparation

None

FAQ’s

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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.

Ratings and Review

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Irina Halfon, CPA (US)

Very informative presentation with real-life application. Particularly appreciated the extra time spent on the effective date, the discount rates, and the embedded leases. Also going through advantages and disadvantages of various decisions was very helpful.

Brittany Withey, CPA (US)

myCPE is so easy to use and offers a great variety of free and low cost webinars, great resource for obtaining CPE credits. The presenter for this webinar had a strong knowledge of the updates to the leasing standard and presented it well.

Mark Eckel, Accountant/Bookkeeper/Tax Professionals, CPA (US)

Excellent material and Jess provides clear information in an easy-to-understand way. This is my 2nd video on ASC 842 and I have not only reinforced my prior knowledge, but gained several new, key concepts here in this video. Great job!