How to Implement ASC 842 and have Time to Sleep? Fears of Changes

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Course Description
Course Qualification
Presenter
FAQ

Course Description

Overview

Implementing ASC 842 Leases

3 mins
Identified asset, right to control use of asset.

30 mins
Identified asset, no right to control.

36 mins
Format changes in the financial statements

66 mins
Notes to financial statements

93 mins

Course Description

ASC 842 on Leases, this standard became effective from the calendar year started on January 1, 2019, for the public companies. For private companies, the standard will be effective from the calendar year beginning January 1, 2020. ASC Topic 842 will substantially alter how companies account for leases in their financial statements. This new standard brings most operating leases, which were accounted for off-balance sheet under the previous leases standard ASC 840, onto the balance sheet.

The new standard will require organizations that lease assets— referred to as “lessees”—to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months.

Consistent with current Generally Accepted Accounting Principles (GAAP), the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease.

However, unlike current GAAP—which requires only capital leases to be recognized on the balance sheet— the new ASU will require both types of leases to be recognized on the balance sheet.

In this webinar, Samuel Monastra will provide a step-by-step practical approach to implementing ASC 842 Leases. The lessons learned by public companies that have implemented the Lease Standard will be the backdrop for the discussion. Additionally, there will be an active discussion of the format changes to the financial statements as a result of implementing ASC 842 Leases. The new format for presenting leases on the financial statements may potentially affect financial ratios, loan covenants, and the financial position of the company.

This Online CPE Webinar on Accounting covers the following Key Topics:

What are the changes in formats in financial statements?
Discussion with examples illustrating the implementation enhanced existing processes & procedures.
Examples and problems to provide a frame of reference for implementing ASC 842.

Learning Objectives

To begin the process to implement the new lease accounting standard
To have an enhanced understanding of best practices to implement the new standard
To discuss how the new standard will have an impact on the financial position of the company

Recommended For

This Online CPE webinar on Accounting is recommended for CPAs, CFF, CMA, CFE, CIA, CVA, IAP, QIAL, ABV, CIPM, FPAC, CFIRS, CMAs, CWS, and other accounting professionals at any level who desire to implement ASC 842 lease transactions and their updates.

Who Should Attend?

Accountant
Accounting Firm
Accounting Managers
Bookkeepers & Accountants & Tax Preparers
Certified Management Accountant (CMA)
Certified Public Accountant (CPA)
CPA (Industry)
CPA - Mid Size Firm
CPA - Small Firm
Entrepreneurial Accountant
Senior Accountant
Staff of Accounting Firm
Young CPA

Course Qualification

Webinar Qualifies For

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

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

Samuel Monastra

Certified Public Accountant (CPA), Samuel Monastra

Samuel A. Monastra, CPA has spent his career as a public accountant. As a client-facing professional, Mr. Monastra has excellent experience working with publicly held companies and large privately held companies. Industry focus includes: healthcare; life sciences and technology; manufacturing and distribution; and real estate and construction.

Sam has held executive level positions with “Big Four” and Top 10 international accounting firms, including KPMG, RSM, and BDO. Sam served as a member of the Editorial Board of the Pennsylvania CPA Journal and is a frequent speaker for a variety of national organizations including the AICPA, State CPA societies, the Institute of Internal Auditors, and the Institute of Management Accountants. Principal speaking topics include: Revenue Recognition, Lease Accounting, Income Tax Accounting, Business Combinations, Fair Value, Inventory, Internal Controls, and Auditing Issues & Techniques

Faq

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