The Bottom Line on the New Lease Accounting Requirements
Overview
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.
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 $199.00
Member Price $179.00