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Identifying Leases under the New ASC 842

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

Published: January, 2021

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  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • What is Lease agreement?
    3 mins
  • Identifying Leases Under the new ASC 842
    11 mins
  • The right to direct the use of the identified asset
    22 mins
  • The right to direct the use
    36 mins
  • What is an identified asset?
    49 mins
  • Consideration Types
    54 mins

Course Description

The new Accounting Standards Codification (ASC) Topic 842, leases, issued to replace the previous leases standard ASC 840. 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.” 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.

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. That's why the question of whether a contract is within the scope of leases or not is essential to be considered. This webinar discusses the definition of the lease and the criteria that must be met for a contract to constitute a lease agreement.

This course guides the audience to correctly identify whether a contract is a lease or contains a lease and explains how to distinguish it from the other non-lease service contracts. Under this standard, lease identification is a critical process; this course will analyze this process step-by-step, providing practical examples, which will clarify the implementation issues associated with that process.

Learning Objectives

  • To identify the criteria for the lease agreements.
  • To recognize the identified assets, the right to control, lease period, and consideration.
  • To explore the differences between the lease and the other non-lease service agreements.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Bookkeepers & Accountants & Tax Preparers
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

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

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

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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

Moataz Shokry, CPA (US)

Certified Public Accountant (CPA), Massaleh Investment Co.

Moataz has over 15 years of accounting, budgeting, auditing, consolidated financials, IFRS, US GAAP, and other aspects of the financial field.

Moataz began his career as an external auditor for a member firm of an international association providing audit & assurance services worldwide, working with various clients in the education, investment, automotive, constrictions, oil, and manufacturing sectors in the State of Kuwait.

Since 2013, Moataz has held executive positions in Kuwaiti stockbrokers' companies and investment groups.

Moataz gained his experience from solving day-to-day work problems, helping entities implement proper accounting systems; thus, he can support the theoretical topics with practical cases, allowing the audience to realize the maximum benefit from attending his courses.

Moataz holds a bachelor's degree in Accounting from Alexandria University, Egypt, certified in IFRS from the Association of Chartered Certified Accountants, London, UK. Also, he is a Certified Public Accountant (CPA) licensed in North Dakota, USA.

Faq

FAQs content

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Ratings and Review

3.8

24 Ratings

Excellent

4

Very Good

13

Average

6

Poor

0

Terrible

1

CS

Charles Seltman, CFP (US), CPA (US)

Jan 19th, 2021

Almost too elementary. Started off as though we know nothing about leases. Also speaker spoke too quietly - had to have volume all the way up - or not close enough to the microphone. I put that into the 'chat' and the volume did increase for the last half of the seminar.

MC

Melissa Christian, CPA (US)

May 19th, 2022

The presenter's accent made it hard to understand. His voice became low/quiet at times, exacerbating the problem. Very slow paced and boring.

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