Overview
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PwC Identified Asset Examples (2.3.1.2)
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Substantive Substitution Rights
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Substantive Substitution Rights Example - KPMG
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Right to Substantially All of the Economic Benefits - PwC
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Right to Control the Use - EY
Course Description
The Lease standard, ASC 842 aims to bring leases onto the balance sheet and increase transparency and visibility into an organization's lease assets.
Before the release of the new lease accounting standard, existing lease accounting standards did not require that lessees recognize assets and liabilities that arose from operating leases. Based on the final amended accounting standard now prescribed within ASC Topic No 842, operating leases, with certain exceptions as discussed in this course, are now required to be reflected on an entity’s balance sheet.
ASC Topic 842 will substantially alter how companies account for leases in their financial statements. This Online CPE course for CPA & Accounting Professional will prepare them for the financial reporting challenges that the new guidance will impose on all financial statement preparers. This Online CPE course provides an in-depth overview of the assessment of whether or not an arrangement is or contains a lease.
This Accounting CPE course focuses on specific guidance prescribed by ASC Topic 842 and additional interpretive guidance it also addresses the short-term lease exception available in ASC Topic 842.
This Online Continuing Education course includes following key topics:
- Scope of ASC Topic 842.
- Is There an Identified Asset?
- Right to Substantially All of the Economic Benefits
- Right to Control Use of the Asset
- Short-Term Lease Exception
Learning Objectives
- To identify the scope ASC Topic 842
- To discuss how the new leasing standard has evolved and how the new standard is organized.
- To determine whether an arrangement is or contains a lease
- To determine whether an arrangement includes an identified asset
- To identify considerations with respect to substitution rights and decision-making rights
- To recognize the short-term lease exception prescribed by ASC Topic 842