Overview
This updated course offers an in-depth look at the FASB 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 critical area of change which is the 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 and lessons learned from implementation, while exploring recently issued amendments to the lease accounting guidance.
Objectives
- Recall the definition of a lease under ASC 842
- Apply recognition and measurement requirements of ASC 842
- Recognize the presentation and disclosure requirements of the new leases standard
- Prepare journal entries necessary to account for leases as both a lessee and lessor
Highlights
- Accounting
- Yellowbook
- Leases Standards
- ASC 842
