Topic 842: FASB's Lease Accounting Standard Update

Overview

It's a whole new world for lessees under ASC topic 842. Soon nearly all leases will need to be disclosed as a liability on the balance sheet - from buildings right down to autos and copiers. Although the greatest impact will be on large entities, this will affect the financial statements of small and mid-size entities as well. This program will dive into the new standard on leases, effective dates, and address what you need to know now.

Objectives

• Apply the new financial accounting concepts of leases
• Gain a working knowledge of accounting rules as they apply to leases

Highlights

• What is a lease?
• Recognition and measurement of lease assets and liabilities
• Impact on lessors and lessees
• Disclosures and transition rules
• Effective dates