This program makes sense of the controversial lease standard. The subtleties of the standard make it difficult to implement and monitor. There will be a detailed discussion on what constitutes a leave, how to monitor them, and ongoing challenges.
This course features a live instructor and has been specifically designed for the NJCPA.
DESIGNED FOR
CPAs in public and private practice
BENEFITS
- Gain an understanding of the application of the new lease standard
- Know the differences between the old standard in Topic 840 and the new one in Topic 842
- Recognize the applicability of the standard and the challenges in identifying when a lease exists
- Calculate and report lease liabilities and right-of-use assets
- Understand how to calculate the lease term, lease payments, and lease reclassifications
- Know the most up-to-date pronouncements in recently issued Accounting Standard Updates
- Learn the financial statement presentation of leases on the balance sheet, income statement, and statement of cash flow
HIGHLIGHTS
- What control of assets constitutes a lease
- Embedded leases
- Fixed and variable consideration
- Determining the lease term
- Modifications and assessments
- Related party leases
- Presenting leases on financial statements
- Components of calculating liabilities and rights of use
PREREQUISITES
None
ADVANCE PREPARATION
None