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Lease Accounting & Reporting -- What You Need to KnowCode: 23-LEASEACC
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Course description and objectives:
This course provides an overview of the new lease accounting standard issued by the Financial Accounting Standards Board (FASB) prescribed within Accounting Standards Codification (ASC) Topic 842. This includes a discussion of the reasons for the change, how to correctly identify a lease within a contract, and the overall recognition, measurement, subsequent measurement, and disclosure requirements. This course also provides examples of real-world disclosures as well as challenges faced by entities post-adoption.
Upon completion of this course, you will be able to:
- Determine whether an arrangement contains a lease
- Identify considerations with respect to substitution rights
- Identify the criteria for the new finance lease and short-term leases
- Recognize the new recognition and measurement requirements for both lessees and lessors
- Identify the requirements related to lease modifications
- Identify presentation and disclosure requirements for both lessees and lessors
Presentation Method: Self-Study
CPE credit: 2 Hours
Program Level: Update
Advance Preparation: None
Exam expiration date: Participants must submit exams for grading within one year from the date of purchase
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