The Bottom Line on the New Lease Accounting Requirements
4.00 Credits
Member Price $145
Non-Member Price $195
Overview
This course is offered in collaboration with multiple state societies and is hosted by the Indiana Society of CPAs.
Which leases are within the scope of FASB ASC 842, Leases, and what are the basic accounting, financial reporting, and disclosure requirements? This course addresses those questions by focusing on the basic core principles of this major standard. By centering on the core principles of this significant standard, we provide clarity on essential topics such as the identification, recognition, measurement, presentation, and disclosure requirements for leases. Engaging case studies are incorporated throughout the course to illustrate the application of the standard. Additionally, this course explores the lessee accounting model, shedding light on lease classification, amortization of the right-of-use asset, and the calculation of interest on the lease liability. This course also examines the accounting model for lessors, addressing key considerations such as profit recognition and the assessment of collectability.
Highlights
• Lease classification • Amortization of the lease asset • Derecognition of the underlying asset • Recognition of lease receivables
Prerequisites
Experience in application of accounting standards
Designed For
Accountants in practice and industry
Objectives
This course is intended to familiarize the learner with the key aspects of the leases standard, FASB ASC 842. When you complete this course, you will be able to: • Recognize arrangements which meet the scope requirements for lease accounting under FASB ASC 842. • Recognize lessee accounting requirements for operating leases and finance leases under FASB ASC 842. • Recognize lessor accounting requirements for sales-type, direct financing, and operating leases under FASB ASC 842. • Recognize presentation requirements for lessees and lessors under FASB ASC 842. • Recognize business factors to consider when implementing FASB ASC 842.
Preparation
None
Leader(s):
Leader Bios
Martin Birr, AICPA
Martin J. Birr, CPA, CMA, CIA, MBA is Trustee Lecturer in Accounting in the Kelley School of Business at Indiana University Indianapolis. He received his MBA in Corporate Finance and Entrepreneurial Studies from Indiana University and BS in Accounting from Manchester College. Mr. Birr has taught various financial and cost accounting classes. He is a member of and frequent speaker for the Indiana CPA Society and the American Institute of Certified Public Accountants. Martin is a past member and chairman of the Indiana CPA Society’s Ethics Committee. He presents various accounting, ethics, and management seminars throughout the year and maintains an active consulting practice.
Non-Member Price $195
Member Price $145