This course offers an in-depth look at the new leases standard (ASC 842), which requires organizations to recognize lease assets and liabilities on the balance sheet. This comprehensive course will cover recognition, measurement, presentation and disclosure requirements, while also focusing on a key area of change which is proper identification of a lease using a principles-based approach. We will discuss implementation requirements from both the lessee and lessor accounting models. In addition, we explore a variety of scenarios including short-term leases, purchase options, variable lease payments, and remeasurement. This
course offers practical journal entry examples, lessons learned from implementation, and explores recently issued amendments to the lease accounting guidance.
Key Topics:
Leases
Topic 842
Learning Objectives:
• Define a lease under the new leases standard
• Apply recognition and measurement requirements of
the new leases standard
• Describe the presentation and disclosure
requirements of the new leases standard
• Prepare journal entries necessary to account for
leases as both a lessee and lessor
BENEFITS
Define a lease uner the new leases standard
Apply recognistion and measurement requirements of the new leases standard
Describe the presentation and disclosure reuirements of the new leases standard
Prepare journal entries necessary to account for leases as both a lessee and a lessor
HIGHLIGHTS
- Accounting
- New leases standard (ASC 842)
COURSE LEVEL
Intermediate
PREREQUISITES
Prior Experience with Topic 842
ADVANCE PREPARATION
None
ADDITIONAL NOTES
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