GASB: Accounting for Operating Leases with Scheduled Rent Increases

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GASB: Accounting for Operating Leases with Scheduled Rent Increases

Reviewed

February, 2024

Michel Morley

Learning Objectives

To discuss the latest information regarding accounting for operating leases with scheduled rent increases.
To review the overall guidance on accounting for operating leases with scheduled rent increases.
To know how to apply presentation rules and exceptions.
To review the recognition, measurement, and presentation constraints.
To look at disclosure and presentation requirements.
To write the appropriate Notes.
To know the unique disclosure and presentation requirements of accounting for operating leases with scheduled rent increases.
To discuss required note disclosures.

Course Description

This presentation describes the standards of the Governmental Accounting Standards Board (GASB) for Accounting for Operating Leases with Scheduled Rent Increases.

This standard for accounting for operating leases with scheduled rent increases specifies accounting and financial reporting by state and local governmental entities for operating leases with scheduled rent increases, regardless of the fund type used to report the lease transactions.

This CPE Accounting (Govt.) webinar is a resource that will help accounting professionals responsible for accounting for operating leases with scheduled rent increases.

Key topic covered in this course:

Basic concepts, scope, and applicability of accounting and financial reporting for risk financing and related insurance issues.
Planning the approach: accounting and financial reporting for risk financing and related insurance issues, accounting policies, and decision criteria.
Sizing up the impacts of accounting and financial reporting for risk financing and related insurance issues: questions you need to ask.
Specific rules and unique provisions for accounting and financial reporting for risk financing and related insurance issues.
Disclosure and presentation requirements.
Notes to financial statements.

This webinar outlines an easy-to-understand step-by-step procedure for accounting for operating leases with scheduled rent increases.

Overview

Definition of a Lease

5 mins
Substitution considerations

14 mins
Right to direct the use of identified asset

23 mins
Straight-line requirement

36 mins
Measurement based on availability for use

50 mins
Operating leases

66 mins
Maturity analysis

73 mins

Webinar Qualifies For

2 CPE Credit of Accounting (Govt.) for Certified Public Accountants (CPA-US)
2 General Credit of Accounting (Govt.) for Accountant/Bookkeeper/Tax Professionals
2 CPE Credit of Accounting & Auditing (Govt.) for Certified Internal Auditors (CIA)
2 CPE Credit of Accounting & Auditing (Govt.) for Certification in Risk Management Assurance (CRMA)
2 CPE Credit of Accounting & Auditing (Govt.) for Certified Government Financial Manager (CGFM)
2 CPE Credit of Accounting & Auditing (Govt.) for Certified Government Auditing Professional (CGAP)
2 CPE Credit of Accounting & Auditing (Govt.) for Internal Audit Practitioner (IAP)
2 CPE Credit of Accounting & Auditing (Govt.) for Qualification in Internal Audit Leadership (QIAL)
2 CPE Credit of Accounting (Govt.) for Iowa Licensed Public Accountant (IA-LPA)
2 CPE Credit of Accounting (Govt.) for Maine Licensed Public Accountant (ME-LPA)
2 CPE Credit of Accounting (Govt.) for Delaware Licensed Public Accountant (DE-LPA)

About Instructor

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.

Additional Information

Duration

2 Hours

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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Naisha Davis, CPA (US)

The power point was not very helpful. It didn't really explain anything. I use the power points to help supplement my learning and in this case, I could not utilize it.