Description

FASB ASC 842, *Leases* explained

Understanding lease fundamentals is essential to applying FASB lease requirements appropriately. As such, you’ll delve into key concepts that define what a lease is, as well as basic lease accounting topics, such as:

- Contracts containing leases

- Lease classification

- Amortization of the right-of-use asset

- Impairment considerations

Lease presentation and disclosure requirements

Comprehensive examples and case studies will guide you through approaches to help you adopt accounting guidance for FASB ASU 2023-01. You’ll also review the presentation and disclosure requirements, and other topics, including:

- Lease versus non-lease components

- Sales-type lease

- Direct financing lease

- Operating lease

- Lease terminations

Instructor: Daryl Krause

Target Audience

· Accountants and finance professionals

Course Objectives

· Recognize arrangements which meet the scope requirements for lease accounting under FASB ASC 842.

· Recognize accounting requirements for lease modifications under FASB ASC 842.

· Recognition presentation requirements for lessees and lessors under FASB ASC 842.

· Identify the recognition criteria for sales-type, direct financing, and operating leases.

Subjects

· Lease classification

· Amortization of the leased asset

· Derecognition of the underlying asset

· Recognition of lease receivables

· Lease modifications

· Sale and leaseback transactions

Prerequisites

Experience in application of accounting standards