The Bottom Line on the New Lease Accounting Requirements

Course Details

Date

Wednesday, January 15, 2025

10:00am – 2:00pm (Registration: 3:02pm)

Location

Online

Field of Study

Accounting & Audit

CPE Credit

4 hours CPE credit

Level of Knowledge

Intermediate

Vendor

AICPA

Prerequisites

Experience in application of accounting standards

Description

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

  • Lease classification
  • Amortization of the leased asset
  • Derecognition of the underlying asset
  • Recognition of lease receivables
  • Lease modifications
  • Sale and leaseback transactions

    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.

    Designed For

  • Accountants and finance professionals

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    Course Pricing

    WYOCPA Member Fee
    $213.00

    Non-Member Fee
    $261.00

    Your Price
    $261.00

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