Surgent's Lease Accounting: The Impact of Changing Standards on Both Lessors and Lessees

The effective date for ASU 2016-02, Leases (Topic 842) is next year. The new standard eliminates one of the largest forms of off-balance sheet acco...

11/11/2021 7pm - 9pm | Online | Surgent

$89.00

CPE Categories: Accounting (2 CPE)

Description

The effective date for ASU 2016-02, Leases (Topic 842) is next year. The new standard eliminates one of the largest forms of off-balance sheet accounting and requires most leases to be brought onto the balance sheet (whether classified as a financing or operating lease). The new guidance in ASC 842 also mandates other changes in lease accounting for both lessees and lessors. This course will discuss the impact of these changing standards on both parties and will discuss recently issued or proposed updates to ASC 842. As 2022 will be here before you know it, now is the time to get up to date on all that is going on with regard to lease accounting.

Target Audience

Practicing CPAs and accounting professionals in business and industry that prepare and review or audit financial statements

Course Objectives

Identify finance lease transactions, including both lessor and lessee perspectives
Understand the proper accounting and financial reporting treatment for operating and finance leases
Describe how lessor accounting is influenced by revenue recognition and measurement concepts
Explain important transition issues from the current to new standards

Subjects

Outcomes of the recent FASB and IASB Joint Project related to Leases
Differentiating between accounting and reporting requirements for operating and finance leases
Evaluating possible material misstatement related to lease recognition, measurement, presentation and disclosure

Prerequisites

Basic understanding of U.S. generally accepted accounting principles