The Bottom Line on the New Lease Accounting Requirements
Overview
FASB ASC 842, Leases explained
Understanding lease fundamentals is essential to applying FASB lease requirements appropriately. As such, you’ll delve into key concepts that define what a lease is, as well as basic lease accounting topics, such as:
- Contracts containing leases
- Lease classification
- Amortization of the right-of-use asset
- Impairment considerations
Lease presentation and disclosure requirements
Comprehensive examples and case studies will guide you through approaches to help you adopt accounting guidance for FASB ASU 2023-01. You’ll also review the presentation and disclosure requirements, and other topics, including:
- Lease versus non-lease components
- Sales-type lease
- Direct financing lease
- Operating lease
- Lease terminations
Highlights
Prerequisites
Experience in application of accounting standards
Designed For
accountants and finance professionals
Objectives
- Recognize arrangements which meet the scope requirements for lease accounting under FASB ASC 842.
- Recognize accounting requirements for lease modifications under FASB ASC 842.
- Recognition presentation requirements for lessees and lessors under FASB ASC 842.
- Identify the recognition criteria for sales-type, direct financing, and operating leases.
Leader(s):
Leader Bios
Daryl Krause, AICPA
Daryl G. Krause, CPA DG Krause LLC / Indianapolis, Indiana Mr. Krause has CPA certifications in several Midwestern states. He practices public accounting as Manager & CEO of his regional CPA firm, headquartered in Indianapolis, Indiana, which he founded in 2005. DG Krause LLC is a member of the AICPA’s Employee Benefit Plan Audit Quality Center and performs employee benefit plan audit services for which Daryl serves as the sign-off partner. Daryl has led more than 200 CPE programs for the AICPA, Surgent McCoy CPE, LLC, The Ohio Society of CPAs and Indiana CPA Society since 2008. He has led programs in 33 states and the District of Columbia for the AICPA alone, thereby helping thousands of CPAs around the country to maintain their licenses. He leads programs sponsored by State Societies, or Firm or Organization sponsored in-house programs. Chosen by the AICPA to be the Program Leader for the 2016 videotaping of Leases: Mastering the New FASB Requirements, an 8 hour CPE program introducing this critical new accounting topic, which is frequently rebroadcast and he often serves as its monitoring technical expert. He has performed technical reviews during the development of certain AICPA courses including the 2013 editions of Revenue Recognition, Top 10 GAAP Issues, Internal Control Essentials for Accountants and Auditors and several Employee Benefit Plan related courses. He is the Content Matter Expert of the recently published AICPA Accounting Trends & Techniques Employee Benefit Plans-Best Practices in Presentation and Disclosure - Sixth Edition - 2016 copyrighted publication. Author of several 2016 employee benefit plan-related DG Krause LLC CPE programs offered by the Indiana CPA Society. Previously he enjoyed 23 years of diversified responsibilities with Ernst & Young. Industries he served included manufacturing, construction, real estate and financial services. Roles included Ohio Valley Area Director of Employee Benefit Plan Services for 8 years, Senior Manager in the Entrepreneurial Services group for 3 years, Senior Manager in National Professional Development group for 5 years, which involved designing, developing and delivering core curriculum Audit and Entrepreneurial Services training programs for the entire U.S. practice.
Non-Member Price $301.00
Member Price $233.00