Accounting for the New Lease StandardCode: 21-LEASES

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Course Details

229 pages
Course description and objectives:

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 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.

Learning Objectives
After completing this course, you should 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 assetís 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
  • Recognize items that are and are not components of a lease term
  • Recall the method a lessee should use to record interest expense on a lease obligation
  • Identify types of leases for a lessor
  • Recognize the rate that a lessor should use in performing the 90% test for a direct financing lease
  • Recall how a lessor should initially account for initial direct costs for a lease in certain instances
  • Identify how a lessor should account for lease payments received on the income statement for an
  • operating lease
  • Recall how a lessor should classify certain cash receipts on the statement of cash flows
  • Recognize how certain existing leases are accounted for on the implementation date of ASU
  • 2016-02
  • Identify how deferred income taxes will be treated for lessees under ASU 2016-02
  • Recall the potential impact that the new lease standard might have on a lesseeís EBITDA and
  • debt-equity ratios, and
  • Recall the IRS rules as when an entity should and should not capitalize a lease for tax purposes.
  • Presentation Method: QAS Self-Study

    Category: Accounting

    CPE credit: 8 Hours

    Program Level: Update

    Prerequisites: None

    Advance Preparation: None

    Exam expiration date: Participants must submit exams for grading within one year from the date of purchase

    For more information regarding refunds, complaints, or cancellation policies, please contact our offices at 817-477-0222.

    American CPE, Inc.  is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State Boards of Accountancy have the final authority on the acceptance of individual course for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

    NASBA Sponsor number 108096

     

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