Seminar Course Description

Leases: Mastering the New FASB Requirements

Locations

CITY STATE DATES OFFERED STATE SOCIETY WEBSITE
Phoenix Arizona Feb 16, 2021 ASCPA
Little Rock Arkansas Oct 28, 2020 ARCPA
Denver Colorado Dec 15, 2020 COCPA
Atlanta Georgia Oct 09, 2020 GSCPA
Chicago Illinois Jun 02, 2020 ICPAS
Indianapolis Indiana Oct 19, 2020 INCPAS
Sioux City Iowa Sep 17, 2020 ISCPA
Louisville Kentucky Aug 19, 2020 KYCPA
Massachusetts Nov 13, 2020 MSCPA
New Jersey Dec 18, 2020 NJCPA
New York City New York Oct 01, 2020 NYSSCPA
Syracuse New York Oct 30, 2020 NYSSCPA
Buffalo New York Nov 18, 2020 NYSSCPA
New York City New York Jun 10, 2020 NYSSCPA
New York New York Dec 17, 2020 NYSSCPA
Morrisville North Carolina Dec 03, 2020 NCACPA
Oklahoma City Oklahoma Sep 16, 2020 OSCPA
Beaverton Oregon Oct 20, 2020 OSCPA
Knoxville Tennessee Oct 27, 2020 TSCPA
Chattanooga Tennessee Nov 17, 2020 TSCPA
Brentwood Tennessee Aug 13, 2020 TSCPA
Dallas Texas Jul 31, 2020 TXCPA

How do the leasing requirements in the new standard differ from current GAAP? This course addresses that question by examining the core principles of the new standard, including identification, recognition, measurement, presentation and disclosure requirements. Examples with journal entries are included to illustrate application of the new standard.

This course explains the lessee accounting model, including lease classification, amortization of the right-of-use asset, and interest on the lease liability. This course also explains the lessor accounting model, including transfer of risk, profit recognition, and collectability. Additional topics include short-term leases, purchase options, variable lease payments, and sale and leaseback transactions. In addition, this course addresses the business context of implementing the new standard by identifying key factors for managing this significant change.

Learning Objective

When you complete this course you will be able to:

  • Identify a lease under the new leases standard.
  • Identify recognition and measurement requirements of the new leases standard.
  • Identify presentation and disclosure requirements of the new leases standard.

Topics Dicussed

  • Lease classification
  • Amortization of the lease asset
  • Derecognition of the underlying asset
  • Recognition of lease receivables
  • Lease Modifications
  • Sale and leaseback transactions
  • Presentation, disclosure, and transition requirements
  • Comparison of the requirements of U.S. GAAP and IFRS
  • Private company consideration
  • The business context for implementing the new standard
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COURSE CODE

LEAS

FIELD OF STUDY

  • Accounting

CPE CREDIT HOURS

8

KNOWLEDGE LEVEL

Intermediate

INTENDED AUDIENCE

Accountants in practice and industry

PREREQUISITE

Experience in application of accounting standards

ADVANCED PREPARATION

None

DELIVERY METHOD

Group Live, Self-Study On-Demand, Webcast

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Contact State Societies for Public Seminar Pricing and Additional Information

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