The Bottom Line on the New Lease Accounting Requirements
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(Check-In 12:30pm EST)
Virtual
4.00 Credits
Member Price $219.00
Non-Member Price $309.00
Overview
This course qualifies for reimbursement through the State Workforce Training Express Fund. Firms/companies with fewer than 100 staff will receive 100% of the cost of training reimbursed. You must register for this course and apply for reimbursement through the Workforce Training Express Fund website a minimum of three weeks before the start date of the course to be eligible. The course code for this program is C-3277. To learn more click here or contact Julia Ekelund at jekelund@mscpaonline.org.
Which leases are within the scope of FASB ASC 842, Leases, and what are the basic accounting, financial reporting, and disclosure requirements? This course addresses those questions by focusing on the basic core principles of this major standard. By centering on the core principles of this significant standard, we provide clarity on essential topics such as the identification, recognition, measurement, presentation, and disclosure requirements for leases. Engaging case studies are incorporated throughout the course to illustrate the application of the standard. Additionally, this course explores the lessee accounting model, shedding light on lease classification, amortization of the right-of-use asset, and the calculation of interest on the lease liability. This course also examines the accounting model for lessors, addressing key considerations such as profit recognition and the assessment of collectability
Highlights
• Lease classification • Amortization of the lease asset • Derecognition of the underlying asset • Recognition of lease receivables
Designed For
Accountants in practice and industry
Objectives
This course is intended to familiarize the learner with the key aspects of the leases standard, FASB ASC 842. When you complete this course, you will be able to: • Recognize arrangements which meet the scope requirements for lease accounting under FASB ASC 842. • Recognize lessee accounting requirements for operating leases and finance leases under FASB ASC 842. • Recognize lessor accounting requirements for sales-type, direct financing, and operating leases under FASB ASC 842. • Recognize presentation requirements for lessees and lessors under FASB ASC 842. • Recognize business factors to consider when implementing FASB ASC 842.
Leader(s):
Leader Bios
Michael Ussery, American Institute of CPAs
Mr. Michael Ussery is a principal in the firm of Pt. Platinum Consulting, LLC, which specializes in providing financial reporting, litigation support, SOX and internal audit services, and SEC compliance expertise to small- and mid-sized SEC registrants and accounting firms.
Before joining Pt Platinum Consulting, Mr. Ussery held various CFO and controller level positions at public and nonpublic companies and spent over 10 years in a “Big 4” accounting firm. Mr. Ussery’s career has focused on SEC reporting, US GAAP and internal accounting controls and has served as an expert witness in corporate governance matters and lawsuits dealing with internal controls and management roles and responsibilities.
Mr. Ussery is an accomplished speaker and has spoken to various organizations around the country on many topics. He has authored numerous CPE courses on such topics as SOX implementation, accounting failures, SEC reporting and foreign currency accounting.
Non-Member Price $309.00
Member Price $219.00