myCPE

ASC 842 Compliance: Fundamentals and Best Practice

ASC 842 Standards to Elevate Your Accounting Practices.

  • Analyze key definitions and concepts under ASC 842.
  • Review the classification and measurement of lease liabilities.
  • Discuss lessee and lessor accounting requirements in detail.
  • Explore complex scenarios such as sale and leasebacks.
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Course Details

What You’ll learn

Compliance with lease accounting standards is critical for accurate financial reporting. This course simplifies the intricacies of ASC 842, offering clear guidance on lease classifications, measurements, and disclosures. Designed for accounting professionals, finance leaders, and students, it covers key concepts and practical strategies for implementation. By the end, you’ll be equipped to implement these standards with confidence, ensuring compliance and precision in your financial practices.

Major Topics covered

ASC 842 Key Concepts

Lessee and Lessor Accounting

Lease Recognition and Measurement

Sale and Leaseback Transactions

Transition Methods and Disclosures

Disclaimer : Before attending any course, please verify that the credit details align with your qualification requirements. This certificate is designed to help you acquire new skills and knowledge, which may or may not fulfill specific compliance criteria. While we have made every effort to ensure our courses adhere to compliance standards, we recommend reviewing the details to confirm applicability for your needs.

Course Modules

Course Title Time Total Session
1. Introduction to ASC -842
7 Mins 1 Session
  • Play Now - Introduction to ASC -842
2. Fundamentals of ASC 842
28 Mins 1 Session
  • Play Now - Fundamentals of ASC 842
3. Recognition and Measurement
1 Hr, 13 Mins 5 Sessions
  • Play Now - Initial Recognition and Measurement of Lease Liabilities and Right-of-Use (ROU) Assets
  • Play Now - Lease Classification Tests
  • Play Now - Subsequent Measurement of Lease Liabilities and ROU Assets
  • Play Now - Lease Modifications and Remeasurements
  • Play Now - Separating Lease and Non-Lease Components
4. Lessee Accounting
58 Mins 3 Sessions
  • Play Now - Finance Lease – Lessee Accounting
  • Play Now - Operating Lease – Lessee Accounting
  • Play Now - Short-Term Leases and Low-Value Asset Exemptions & Presentation and Disclosure Requirements for Lessees
5. Lessor Accounting
53 Mins 2 Sessions
  • Play Now - Classification of Leases by Lessors & Accounting for Sales-Type Leases
  • Play Now - Accounting for Direct Financing Leases & Operating Leases
6. Special Topics and Complex Scenarios
24 Mins 1 Session
  • Play now - Special Topics and Complex Scenarios
7. Transition to ASC 842
18 Mins 1 Session
  • Play Now - Transition to ASC 842
      8. Lease Accounting Under ASC 842: Key Insights and Practical Application
      9. Final Quiz

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Discover Why We’re the Preferred Choice!

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Informative & Engaging

“The PTC course provided an in-depth look into ASC 842 that was both informative and engaging. The instructor's expertise was evident, and the practical examples really helped solidify my understanding. Definitely worth taking!”

Isla McAllister

Isla McAllister, CPA

Senior Auditor

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Well-Structured Course

“A well-structured course with clear explanations and relevant case studies. It helped me navigate lease accounting changes effectively. Great resource for finance professionals!”

Kellan Whitmore

Kellan Whitmore, CMA

Finance Manager

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Fantastic Learning Experience

“The course exceeded my expectations! 🚀 It covered all essential aspects of ASC 842 with practical examples and real-world applications. The quizzes were helpful in reinforcing concepts. Another great learning experience with MYCPE ONE!”

Vivian Calloway

Vivian Calloway, CPA

Accounting Manager

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Comprehensive & Practical

“This course provided a comprehensive overview of lease accounting, covering key concepts with clarity.”

Lachlan Everett

Lachlan Everett, CPA

Accounting Director

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Great Course & Platform

“I was impressed by both the course content and MYCPE ONE's platform. The interface was smooth, and the instructor explained everything clearly. The ability to revisit sections made learning even more efficient. Thanks, MYCPE ONE!”

Seraphina Vaughn

Seraphina Vaughn, CFA

Financial Analyst

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Practical & Well-Explained

“Finally, a course that makes ASC 842 easy to understand! The instructor broke down the material into digestible sections, making the learning process seamless. The practical case studies helped reinforce key concepts. A great course for professionals handling lease accounting.”

Elias Montgomery

Elias Montgomery, CPA

Controller

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Insightful & Relevant

“A very insightful course that provided a clear understanding of lease modifications and lease term determinations. The instructor did an excellent job explaining complex accounting treatments in an easy-to-follow manner. This will definitely help me in my role.”

Fiona Aldridge

Fiona Aldridge, MBA

Financial Controller

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Another Great MYCPE ONE Course!

“I've taken multiple courses on MYCPE ONE, and this one is among the best. The instructor was engaging, the materials were well-organized, and the examples were relatable. 🎓”

Cormac Holloway

Cormac Holloway, CPA

Audit Manager

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Essential for Lease Accounting

“If you're dealing with lease accounting under ASC 842, this course is a must! It provides a structured approach to understanding the changes and applying them correctly. A great balance between theory and practice.”

Imogen Sterling

Imogen Sterling, CMA

Senior Accountant

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Worth Every Minute!

“This course was worth every minute! The lessons were detailed yet easy to digest, and the examples provided valuable insights into the nuances of lease accounting. Perfect for CFOs and finance professionals looking to stay updated.”

Dorian Langston

Dorian Langston, CPA

CFO

Frequently Asked Questions

The course covers crucial aspects of lease accounting, including key concepts and definitions under ASC 842, initial recognition and measurement of lease liabilities and ROU assets, lessee and lessor accounting requirements, lease modifications, and transition methods.

This course is designed for accounting and finance professionals responsible for lease compliance, reporting, and analysis, including CPAs, auditors, analysts, and those transitioning to ASC 842 standards in their organizations.

The course incorporates case studies, practical scenarios, and real-world examples to help participants understand the application of ASC 842 standards. Quizzes and interactive modules enhance critical thinking and practical comprehension.

Participants gain access to expert-led lectures, detailed handouts, and practical examples, all designed to bridge theory and practice effectively. These materials ensure learners are equipped to handle real-world lease accounting challenges.

The instructors are seasoned professionals with extensive knowledge of ASC 842 standards, financial reporting, and lease compliance. Their hands-on experience in lease accounting ensures participants gain practical insights into the subject.

Completing this course can lead to roles such as Lease Accounting Specialist, Financial Reporting Analyst, Compliance and Reporting Executive, Accounting Associate for Lease Compliance, and Audit Support Staff. Salaries for these roles range from entry-level to senior positions based on experience and expertise.

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