The New Lease Accounting StandardsCode: 21-NEWLEASE

Price: $39.00
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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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