Accounting for the New Lease Standard

$79.00 each

Course ID: CPE Credits Field Of Study Author or Speaker:
SF-301.19  8 Credits   Accounting   SF-301.19
Instructional Method: Advanced Preparation: Program Prerequisites: Experience Level:
Interactive Self Study  None   None   Overview 

 

Course Description:
The purpose of this course is to review the changes made to lease accounting by ASU 2016-02, Leases, (as further amended by ASU 2018-01, Land Easement- Practical Expedient for Transition to Topic 842, and numerous other amendments, and to establish the principles that lessees and lessors shall apply to report useful information to users of financial statements about the amount, timing, and uncertainty of cash flows arising from a lease. Topics include a review of the new rules for lessees and lessors, the types of leases, how to account for the balance sheet, income statement and cash flows statement impacts of different types of leases, the implementation requirements, and more.

After reading the course material, you will be able to: 
• Recognize a key change made to GAAP by the new lease standard 
• Identify a type of lease that exists for a lessee under ASU 2016-02 
• Recall a type of lease for which the ASU 2016-02 rules do not apply 
• Recognize some of the criteria that determine whether a contract is or is not a lease 
• Identify some of the types of economic benefits a lessee can obtain from a leased asset 
• Recognize a right that ASU 2016-02 states does not prevent a lessee from having the right to direct use of an identified asset 
• Identify a threshold for a lease term to be considered a major part of an asset’s remaining economic life 
• Recognize who an entity might not want to use the risk-free rate to compute the present value of lease payments 
• Identify how a lessee should account for initial direct costs and more............

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