The New Lease Accounting StandardsCode: 21-NEWLEASE

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Course Details

61 pages

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 IASB’s new lease accounting standard) as well as private company considerations.   

Course Objectives:

·         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 lessee’s 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

 

Category:  Accounting

CPE credit:  4 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

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