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The New Lease Accounting StandardsCode: 21-NEWLEASE
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Course description and objectives:
This course provides an in-depth overview of the new lease accounting standards issued by the Financial Accounting Standards Board (FASB) in February 2016. This includes a discussion of the primary reasons for the change as well as how to identify a lease within a contract. This course also provides an in-depth review of lease classification, initial measurement, subsequent measurement, presentation & disclosure, as well as transition requirements. The course concludes with a discussion of some of the significant differences between IFRS 16 (the IASBs new lease accounting standard) as well as private company considerations.
· Recognize how the new leasing standard has evolved and how the new standard is organized
· Determine whether an arrangement contains a lease
· Identify considerations with respect to substitution rights and decision-making 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 recognition criteria for sales-type, direct financing, and operating leases
· Identify the overall requirements with respect to lease modifications
· Identify the criteria used for sale and leaseback transactions
· Identify the considerations with respect to a lessees involvement in construction of a leased asset
· Identify the presentation requirements for both lessees and lessors
· Recognize both qualitative and quantitative disclosure requirements for both lessees and lessors
· Identify the effective date for the new lease accounting standards
· Identify the significant differences between ASC 842 and IFRS 16
· Recognize considerations of and alternatives provided to private companies
Presentation Method: Self-Study
CPE credit: 4 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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