MYCPE ONE

Lease Accounting Conference

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Conference Overview

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.

In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases (ASC 842), which will replace the prior lease guidance in 2019 by providing new requirements of financial accounting and reporting for lessees and lessors.

This new standard represents the first comprehensive overhaul of lease accounting since FAS 13 was issued in 1976. The new guidance will affect entities across all industries because most companies enter into contracts that contain leases to support their business operations.

Lessees will likely see the most significant changes as they are required to recognize substantially all leases on their balance sheets with a corresponding right-of-use asset. While lessor accounting remains similar to previous guidance in most respects, there are some important changes. For example, certain principles of the lessor model are updated to align with changes to the lessee model and the new revenue recognition standard (ASC 606). To minimize disruptive missteps and costly non-compliance, entities need to take a timely and thorough approach.

This CPE conference on accounting answers the following major questions:

  • How to recognize the principles of FASB ASC 842?
  • What are the requirements for identifying a contract under FASB ASC 842?
  • What are the performance obligations under FASB ASC 842?
  • How to determine and allocate lease costs under FASB ASC 842?
  • What are the lessor and lessee perspectives for applying leasing accounting policies?
  • What are the disclosure requirements?

This CPE Virtual Conference is designed to help you navigate the complexities of this standard, identify its implications of it, and prepare for transition and implementation.

Completed

Continuing Education Credits

The sessions of the conference qualifies for

Qualification Credits Subject Area
CPA (US) 1 Auditing
CPA (US) 1 Accounting
CIA 2 All
CFE 1 All
CMA 2 All
CPA/ABV 1 All
CRMA 1 All
CVA 2 All
CFA 1 All
CPA/CFF 2 All
CGFM 2 All
CGAP 1 All
IAP 2 All
CWS 2 All
CFIRS 2 All
FPAC 1 All
QIAL 2 All
CBA/MCBA 2 All
CIPM 1 All

Sessions

Oct 17th, 2022

Speakers:
Speaker Name
Andrew Bazil

Director, Solutions and Services
EZLease

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Speaker Name
Paras Kumar

Compliance Manager
EZLease

All the changes in the lease accounting standards have created new audit requirements for nearly everyone. 

This area is likely to get more attention than usual from the auditors; therefore it is critical to ensure that this section of the books is fully audit-ready. It is important to set up the right controls and processes for identifying, abstracting, classifying, and properly accounting for your leases so every audit goes smoothly. 

In this CPE session, leasing specialists from EZLease will do a deep dive into the elements of a successful lease accounting audit this time and in the coming years. We'll show you how the right information and lease accounting tools can make your audit easier.

Learning Objectives

Qualifies For

License details Credits Status
Certification in Risk Management Assurance (CRMA) 1 CPE Eligible
Certified Financial Forensics (CFF) 1 CPD Eligible
Certified Fraud Examiner (CFE) 1 CPE Eligible
Certified Government Auditing Professional (CGAP) 1 CPE Eligible
Certified Government Financial Manager (CGFM) 1 CPE Eligible
Certified Internal Auditors (CIA) 1 CPE Eligible
Certified Management Accountants (CMA) 1 CPE Eligible
Auditing for Certified Public Accountants (CPA-US) 1 CPE Approved
Certified Valuation Analyst (CVA) 1 CPE Eligible
Internal Audit Practitioner (IAP) 1 CPE Eligible
Qualification in Internal Audit Leadership (QIAL) 1 CPE Eligible
Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA) 1 CPE Eligible
Certified Fiduciary and Investment Risk Specialist (CFIRS) 1 CE Eligible
Certified Wealth Strategist (CWS) 1 CE Eligible

Other Details

Subject Area

-

Course Level

Basic

Instuctional Method

Group Internet Based

Pre-requisites

None

Advance Preparation

None

Speakers:
Speaker Name
Lauren Covell

Vice President, Finance
Occupier

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Let’s face it, lease accounting is hard. Not only does ASC 842 demand that all leases are on your balance sheet, but it poses a financial and operational risk to your finance team.

ASC 842 fundamentally changes how finance teams account for their lease liabilities and ROU assets. Your journal entries and close-the-books processes need a sustainable process in place. Part of the intent of the standard was to shed more light on “off-balance sheet” financing - which is why operating leases will be reported on balance sheets going forward in the form of those ROU assets and liabilities.

The new lease accounting standard requires more teamwork and effort from finance and real estate teams. Implementing the new guidance will also provide management better insight into the true extent of their lease obligations and lead to improvements in capital allocation, capital budgeting, and lease vs. buy decisions.

In this CPE session, we’ll talk about organizing your lease data, analyzing your lease data, and building processes and procedures for lease accounting.              

Learning Objectives

  • To analyze how ASC 842 impacts your business.
  • To explain how to avoid the most common lease accounting pitfalls.
  • To discuss practical implementation examples.

Other Details

Subject Area

-

Course Level

Basic

Instuctional Method

Group Internet Based

Pre-requisites

None

Advance Preparation

None

12:00 PM - 12:30 PM EDT

Break

Speakers:
Speaker Name
Becca Smith, CPA

Solutions Architect
Netgain Solutions

It’s time to implement the new ASC 842 lease accounting standard. Is your company ready?

ASC 842 requires specialized solutions for any size of organization. Spreadsheet-based solutions have difficulty capturing the complexity of these new standards. NetLease helps with simple lease accounting needs that want to leave their spreadsheets for an easier option. It provides a zero-cost path to becoming fully GAAP compliant and offers a smooth transition over to the new lease accounting standards.

This CPE session will answer the following questions:

  • How ASC 842 will impact your balance sheet?
  • How to navigate ASC-842 by automating your complete lease life cycle using NetLease?
  • How accountants can input lease data and get automated lease accounting, push-button disclosure reports, and, most importantly, built-in compliance with ASC 842 using NetLease?

Netgain’s NetLease management tool was designed by Big 4 accountants to provide businesses with an easy cloud-based application that simplifies a complex standard.

Join this CPE session to know more about NetLease and how it supports both lease management and accounting, whether for just a few simple or thousands of complex leases.

Learning Objectives

  • To review the lease accounting standards and ASC 842 timeline.
  • To analyze why NetLease.
  • To discuss NetLease basics.
  • To implement the lessons learned.

Qualifies For

License details Credits Status
Accredited in Business Valuation (ABV) 1 CPD Eligible
Certified Financial Forensics (CFF) 1 CPD Eligible
Certified Government Financial Manager (CGFM) 1 CPE Eligible
Certified Internal Auditors (CIA) 1 CPE Eligible
Certified Management Accountants (CMA) 1 CPE Eligible
Accounting for Certified Public Accountants (CPA-US) 1 CPE Approved
Certified Valuation Analyst (CVA) 1 CPE Eligible
Chartered Financial Analyst (CFA) 1 PL Eligible
Internal Audit Practitioner (IAP) 1 CPE Eligible
Qualification in Internal Audit Leadership (QIAL) 1 CPE Eligible
Certificate in Investment Performance Measurement (CIPM) 1 PL Eligible
Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA) 1 CPE Eligible
Certified FP&A Professional (FP&A) 1 CE Eligible
Certified Fiduciary and Investment Risk Specialist (CFIRS) 1 CE Eligible
Certified Wealth Strategist (CWS) 1 CE Eligible

Other Details

Subject Area

-

Course Level

Basic

Instuctional Method

Group Internet Based

Pre-requisites

None

Advance Preparation

None

Session Speakers

Lauren Covell Offers Accounting CPE, E-Books,Webinars & more
Lauren Covell

Vice President, Finance
Occupier

Oct 17th, 2022

View More
Andrew Bazil
Andrew Bazil

Director, Solutions and Services
EZLease

Oct 17th, 2022

View More
Paras Kumar
Paras Kumar

Compliance Manager
EZLease

Oct 17th, 2022

View More
Becca Smith, CPA
Becca Smith, CPA

Solutions Architect
Netgain Solutions

Oct 17th, 2022

View More

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



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