Surgent's Examining ASC 842, Leases: More Than Meets the Eye

Overview

Implementing ASU No. 2016-02, Leases (Topic 842) is sure to have a major impact on your balance sheet and potentially on your business as well. This course is a one-stop shop for what you need to know about the now-effective changes to the lease accounting guidance. In this course, we will review how to measure the lease liability and right-of-use asset that will now be recorded on the balance sheet for all leases. We will also tackle the tricky issues of accounting for lease modifications and other lease remeasurement events as well as address the other major provisions of ASC 842, such as disclosures and transition. We will also review the income statement treatment of lease expense for all leases for both lessees and lessors and discuss recent FASB implementation guidance. Lastly, the course will cover all recent updates to the originally issued guidance in Topic 842, including that related to discount rates. With Topic 842’s effective date here, now is the time to get up to speed on this complex new standard.

Highlights

• ASU No. 2016-02, Leases (Topic 842)
• Overall lease accounting guidance
• Lessor Accounting 101
• Lessee Accounting 101
• Detailed review of accounting by lessees and lessors
• Sale and leaseback transactions
• Transition guidance
• Other operational issues
• Recently issued updates to the lease accounting guidance
• FASB guidance on accounting for COVID-19-related rent concessions
• Feedback from the public company adoption of Topic 842

Prerequisites

Experience in financial accounting and reporting

Designed For

Practicing CPAs and their staffs, both in public accounting and business and industry – controllers, accountants, and other financial accounting personnel involved in financial statement preparation and review

Objectives

• Comprehend and apply the FASB’s comprehensive new lease accounting guidance found in ASU No. 2016-02, Leases (Topic 842)
• Recall operational issues in adopting the new lease accounting standard

Preparation

None

Notice

This on-demand webcast can be taken at any time of your choosing and is valid for one year from the date of purchase. No live instructor is present, and an exam is required to earn credit. You must score 70% or higher to earn the certificate.

How do I access my Self-Study Package?

Visit https://www.surgentcpe.com/login and enter your username (your LCPA email address) and password. If you do not remember your password, press the "Forgot?" button to receive a password reset email. Once logged in, the page will refresh to display your account menu on the left side.