Overview
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.
CompletedContinuing Education Credits
The sessions of the conference qualifies for
- 4 CPE Credit of Accounting for CPA (US)
Recommended for
- CPA Firms directly or indirectly dealing with lease accounting standard
- Accounting and attestation practitioners at all levels in both public accounting and private industry
Speakers
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
Session Details
Learn the basics of Leases, find out why ASC 842 came into effect?
In Session 1, 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.
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
- 2 CPE credit of Accounting for all CPA (US)
Subject Area:
Accounting
Course Level:
Basic
Instuctional Method:
Group Internet Based
Pre-requisites:
NONE
Advance Preparation:
NONE
Samuel Monastra
Date
Jun 23rd, 2021
Time
02:00 PM – 04:00 PM
How to implement ASC 842 and have time to sleep? Fears of changes- what to do?
In Session 2, 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.
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
- 2 CPE credit of Accounting for all CPA (US)
Subject Area:
Accounting
Course Level:
Update
Instuctional Method:
Group Internet Based
Pre-requisites:
NONE
Advance Preparation:
NONE
Frequently Asked Questions
This is a virtual event and shall be held on Zoom Application. The handout material for each session shall be available for download on the conference/workshop detail page.
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The Specific Takeaways and the purpose of this event is mentioned in the ‘Overview’ and ‘Session Details’. Additionally, by attending a Live Virtual Event you can experience the interactivity equivalent to an in-person conference without having to leave your screens or risk your lives especially post pandemic situations. Nevertheless, bulk CPE/CE is an icing on the cake.
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Once you complete the evaluation form, you will receive an email with your credit certificates and the same shall also be available in your myCPE account under the 'My Certificates' tab. The link in the certificate email is for downloading the certificates. If the event qualifies for multiple certificates, each certificate will be available for download
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Yes, each live virtual conference/workshop shall be recorded and the recording of the same can be made available to on request. However, the recording shall not be eligible for continuing education credits.
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