Insights, Best Practices And Methodologies To Relieve The Stress Of Implementing ASC 842 Leases

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

Published: September, 2021

You need to register for the webinar to watch the video.

Click Here to Register

Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Why did the FASB issue ASC 842 Leases?
    15 mins
  • Right - of - use Asset
    46 mins
  • Finance Leases Operating Leases Embedded Leases
    68 mins
  • Identifying asset, right to control use of asset.
    117 mins
  • Format Changes in the Financial Statement
    152 mins
  • Calculate the right of use asset
    172 mins
  • Wrap up
    190 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.

In the first part, we will provide a discussion of the basics of ASC 842 Leases.  Briefly, there will be a discussion of the background surrounding the history and reason for the development of the Lease Standard.  The online CPE class will then provide attendees with the basic concepts that need to be understood.  New concepts, such as a right-of-use asset and operating lease vs. a finance lease with be discussed and there will be examples and problems for the attendees to better understand the underlying concepts.

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 the next part, we 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.  

Key topics covered in this session of this online CPE Conference are:

  • 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.


Click to access more CPE webinars on Accounting & Auditing | Latest Tax Update CE/CPE Webinars | Free CPE Ethics Courses 

Learning Objectives

  • To explain and identify leases in contracts
  • To explain the right-of-use model in lease accounting
  • To discuss the difference between an operating lease and a finance lease
  • To summarize the criteria for accounting for a finance lease
  • 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 Continuing Education webinar is recommended for CPA, CMA, IAP, QIAL, CIA, and Other Accounting Professionals 
  • This Online CPE webinar on Auditing is recommended for CPA Firms directly or indirectly dealing with lease accounting standard
  • This Online Continuing Professional Education webinar is recommended for Accounting and attestation practitioners at all levels in both public accounting and private industry

Who Should Attend?

  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

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

Additional details

  • Course Level :
    Basic
  • Credits :
    4
  • 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

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
  • Polling feature Not supported: If you are logging in through browser or web portal in the browser (zoom.us) it doesn’t support the polling feature. Please be advised the current polling feature can only be supported via Zoom desktop and mobile app. You can check the same here : https://support.zoom.us/hc/en-us/articles/203749865-Polling-for-webinars
  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
  • If you still face the polling problem please don’t panic and provide your response in the chat and we shall consider the same for processing for credits. You can download Zoom by clicking on the mentioned link : https://zoom.us/download
  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

4.3

7 Ratings

Excellent

3

Very Good

3

Average

1

Poor

0

Terrible

0

EM

Eric Mcalpin, CPA (US)

Dec 11th, 2021

Webinar is not great at saving the spot you paused at if you have to log off in the middle.

We use cookies to make your experience on this website better