MYCPE ONE

Insights, Best Practices and Methodologies to relieve the stress of Implementing ASC 842 Leases

With the deadline for implementing ASC 842 Leases, fast approaching, financial professionals need to take the lessons learned from the public companies that have implemented the lease standard and apply them to their own businesses!

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Conference 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.

Completed

Continuing Education Credits

The sessions of the conference qualifies for

Qualification Credits Subject Area
CPA (US) 4 Accounting
Accountant/Bookkeeper/Tax Professionals 8 All
CWS 4 All
CFIRS 4 All

Sessions

Jun 23rd, 2021

Speakers:
Speaker Name
Samuel Monastra

Certified Public Accountant (CPA)
Samuel Monastra

  • 4.5
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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

Other Details

Subject Area

-

Course Level

Basic

Instuctional Method

Group Internet Based

Pre-requisites

NONE

Advance Preparation

NONE

Speakers:
Speaker Name
Samuel Monastra

Certified Public Accountant (CPA)
Samuel Monastra

  • 4.5
  • rating
  • rating
  • rating
  • rating
  • rating

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    

Other Details

Subject Area

-

Course Level

Update

Instuctional Method

Group Internet Based

Pre-requisites

NONE

Advance Preparation

NONE

Session Speakers

Samuel Monastra | CPE/CPD/CE/PL Webinars for Accountant CPAs & more
Samuel Monastra

Certified Public Accountant (CPA)
Samuel Monastra

Jun 23rd, 2021

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NP

Nikunj Patel, Owner
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Very Good Experience

Frequently Asked Questions

Virtual conference with MYCPE ONE is enveloped around a theme or subject or driven towards a particular audience, and is designed to be more collaborative; with a tremendously interactive agenda, panel discussions, and gives an option to all participants being able to turn their web cameras on and participate more actively. Virtual conference offers multiple sessions over a longer time frame of more than 8 hours. Virtual conferences help build a community or initiate networking opportunities.

MYCPE ONE is seamlessly integrated with ZOOM for conducting continuing education events. Please ensure that you check the system requirements before the event starts. The system requirements are :

  • An internet connection – broadband wired or wireless (3G or 4G/LTE)
  • Speakers and a microphone (required in case of interactive sessions) – Built-in, USB plug-in, or wireless Bluetooth
  • A webcam or HD webcam - built-in, USB plug-in (required in case of interactive sessions)
  • CLICK HERE to view the System Requirements for Zoom.

There is an official break scheduled for this workshop/events. Other than the scheduled break, the in-session breaks shall be available at discretion of the speaker.

The MYCPE ONE virtual events are designed to impart education around a specific theme or subject from a basic to an advanced level, which is why we do not recommend you to leave the event in between. However, if you had to leave the event because of some unforeseen circumstances, you would be granted the credits for the sessions that you attended completely and wherein you answered all the polling questions.

The recording of the event can be made available to you, on request. You can reach out to us at support@my-cpe.com or can also let us know through live chat support if you need a recording for this event. However, the recording shall not be available for Continuing Education Credits.


During every conference the chat panel shall always be open. You can mention the issue faced by you in the chat panel and our moderator will take it up for resolution shortly. You can also reach out to our support team in the live chat support or at support@my-cpe.com