Published: April, 2022
For many reporting entities, leasing is an important way to obtain access to the property. It allows lessees to finance the use of necessary assets, often simplifies the disposal of used property, and reduces a lessee’s exposure to the risks inherent in asset ownership. The accounting for leases is changing significantly. 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.”
In this CPE course speaker, Kelen Camehl provides a high-level overview of the accounting and reporting requirements related to leasing transactions as outlined in ASC Topic 842.
The new lease accounting standard, ASC 842 takes effect on December 15, 2021. This accounting standard aims to bring leases onto the balance sheet and increase transparency and visibility into an organization's lease assets.
This online CPE accounting course is designed for addressing the process of determining whether an arrangement contains a lease and the resulting lease classification. It also addresses recognition requirements as well as some high-level presentation & disclosure topics.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
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Advisor, Kelen Camehl CPA
Kelen is a recognized author and reviewer of CPE courses and has authored over 85 courses (225+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. His courses are available for purchase from many online CPE providers including the AICPA. Kelen has also remained involved in CPA exam content development for nearly 10 years and has authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s "Journal of Accountancy".
Kelen has over 15 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Consultant with HP, Inc. in Dallas, TX. Most recently he was located in Budapest, Hungary on a three-year international assignment and served in the company’s Houston, TX location prior to this assignment. Prior to HP, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors.
May 4th, 2022
The presentation and learning materials were concise and clear.