Leases: Mastering the New FASB Requirements  (LEAS)

Thursday, September 17, 2020 from 8:00 AM to 4:00 PM in Sioux City

8.00 CPE Credit Hours

How do the leasing requirements in the new standard differ from current GAAP? This course addresses that question by examining the core principles of the new standard, including identification, recognition, measurement, presentation and disclosure requirements. Examples with journal entries are included to illustrate application of the new standard. This course explains the lessee accounting model, including lease classification, amortization of the right-of-use asset, and interest on the lease liability. This course also explains the lessor accounting model, including transfer of risk, profit recognition, and collectability. Additional topics include short-term leases, purchase options, variable lease payments, and sale and leaseback transactions. In addition, this course addresses the business context of implementing the new standard by identifying key factors for managing this significant change.
Designed For
Accountants in practice and industry
Objective
  • Identify a lease under the new leases standard.
  • Identify recognition and measurement requirements of the new leases standard.
  • Identify presentation and disclosure requirements of the new leases standard.
Highlights
  • Lease classification
  • Amortization of the lease asset
  • Derecognition of the underlying asset
  • Recognition of lease receivables
  • Lease Modifications
  • Sale and leaseback transactions
  • Presentation, disclosure, and transition requirements
  • Comparison of the requirements of U.S. GAAP and IFRS
  • Private company consideration
  • The business context for implementing the new standard
Prerequisites
Experience in the application of accounting standards
Advanced Preparation
None
Developer
AICPA
Presenters
Bruce Shepard,
Level of Knowledge
Intermediate

Course Location

South Sioux City Marriott Riverfront (formerly Marina Inn/Delta Hotels)
385 E Fourth St
S Sioux City, NE 68776

Member

$285.00

Late
Registration *

$335.00

Non-Member

$335.00

Late
Registration *

$385.00

* If postmarked after 8/26/2020
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