Overview
FASB’s New Lease Accounting Standard greatly alters the accounting rules for leases and will have a huge impact on most companies’ financial reporting. To prepare you for these significant changes, we are pleased to present our Lease Accounting self-study webinar.
You'll receive the latest updates on FASB's New Lease Accounting Standard, along with the latest, real-world tested success strategies to handle all of these major new changes, including new guidance on Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic.
This specialized self-study webinar features a practical learning approach with interactive case studies. Attendees will learn about the implementation questions received by the FASB and IASB, and have their own questions answered directly by the experts.
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AGENDA HIGHLIGHTS • ASC 842: Leases—Understanding the New Standard • ASC 842 Impact to Lessor • Accounting for Sale/Leaseback & Other Issues • Disclosure Requirements, COVID-19 Impact & Internal Controls • ASU Amendments & Post-Implementation Issues |
LEARNING OBJECTIVE To update accountants and other financial professionals on the FASB/IASB’s recent and upcoming rule changes regarding accounting for leases, while providing practical advice and proven effective techniques for handling these changes.
PREREQUISITE None. ADVANCE PREPARATION None. PROGRAM LEVEL Update. NASBA FIELD OF STUDY Accounting. DELIVERY METHOD Self-Study.
Speakers
CONFERENCE SPEAKERS
Sima Basher, Director of Accounting & Reporting, Otsuka America Pharmaceutical, Inc.
Barry Berkowitz, Technical Accounting, Google
Erin Burke, Audit & Assurance Manager, Deloitte & Touche LLP
Kristine Deringer, Assistant Corporate Controller, Emergent BioSolutions
Louis Fanzini, Chief Accounting Officer and Corporate Controller, MISTRAS Group, Inc., former FASB Industry Fellow, FASB
Shelley (Klee) Finn, Senior Principal/Director of Accounting Policies, DXC Technology
Ashima Jain, Managing Director, PwC
Jay Klein, Advisory Services Manager, PwC
Timothy Kocses, Director, Technical Accounting, Bristol-Meyers Squibb
Holly McKenzie, Advisory Partner, PwC
Angela Newell, National Assurance Partner, BDO USA
Sallie Nold, VP of Accounting Policy, Bank of America
Tres Pimentel, Consultant, Deloitte Risk and Financial Advisory
Mohamed Soliman, Senior Manager, Audit and Assurance, Deloitte
Detailed Learning Objectives
• Recognize the types of leases falling outside the scope of new ASC Topic 842
• Identify the parameters available to lessees for nonrecognition of short-term leases
• Identify the role of a lessee’s capitalization threshold in nonrecognition of certain leases
• Recognize the role of lessee renewal or termination options when determining the lease term
• Recognize the overall effect of the new standard on lessees’ balance sheets
• Identify the conditions applicable to a lessee’s classification of a lease as a financing lease, a sales-type lease or an operating lease
• Identify the role of residual values when measuring a lessee’s lease liability
• Recognize those leases for which a lessee will generally recognize a right-of-use asset and a lease liability
• Identify the circumstances under which a lease liability should be remeasured
• Identify the characteristics distinguishing between a lessor’s sales-type lease, direct-financing lease and operating lease
• Identify a lessor’s accounting for a sales-type lease where lessee payments are probable
• Recognize under what method a lessor accounts for operating lease income
• Recognize the role of initial direct cost in determining a lessee’s ROU asset
• Identify the overall effect to lessees that choose to apply all of the practical expedients of transitioning to ASC Topic 842
• Recognize the characteristics of a lease contract
• Recognize the characteristics of a lessee’s right to control the underlying asset in a lease contract
• Recognize the basis on which consideration is allocated to lease components
• Identify the major differences between US GAAP and IFRS lease standards
• Identify the financial statement presentation of a lessee’s lease arrangements
• Identify the accounting implications of lease modifications
• Recognize factors influencing a lessee’s decision to exercise a purchase option or lease term option
• Identify the categories of leasing arrangements from the lessor’s perspective
• Identify the characteristics of leasing arrangements from the lessor’s perspective
• Recognize the accounting implications of a lease modification to the lessor
• Identify the financial statement presentation of leasing arrangements in the lessor’s financial statements
• Identify the effect of the lessee’s discount rate on the opening ROU asset and lease liability
• Identify the role of documentation in the implementation of the standard
• Recognize the role of the outside auditors in the implementation of the standard
• Recognize the options available under the various practical expedients
• Identify some of the known challenges in implementing ASC 842
• Identify a lessee’s accounting for insurance, real estate taxes, and CAM charges
• Identify the lessee’s accounting for residual value guarantees
• Identify the constraints on the use of the risk-free discount
• Recognize the appropriate discount rate to be used to determine a revised lease liability measurement upon a lease modification
• Recognize the overall effect the discount rate has on the ROU asset and lease liability balance
• Recognize the treatment of lease expense increases under variable leases
• Recognize the accounting result of a lessor granting a lessee of an existing lease contract an additional right-of-use asset based on a standalone price
• Recognize the accounting result of a lease that does not result in a separate new lease
• Recognize the role of professional judgment in implementing the standard
• Identify the components of a lease contract
• Identify the significance of a lessor’s right of substitution within the lease contract
• Identify all conditions under which a lessee may not be required to capitalize leases
• Identify the how lessee’s finance lease payments are to be shown in the income statements
• Identify the overall perspective of implementing the lease stand from the perspective of those companies who have completed the implementation
• Recognize the applicability of impairment recognition to leases
• Recognize the implications of implementation of the new leasing standard on an entity’s internal controls
• Recognize the role of dedicated and specialized leasing software in the implementation process
• Recognize the required interest rates to be used when recognizing the PV of the lease liability
• Identify the circumstances under which a lease term should be reassessed
• Identify the effective date of the new leasing standard for all entities
• Identify the extent of lessee disclosures under Topic 842 relative to Topic 840
• Recognize the circumstances under which a sale and leaseback transaction will qualify as a sale
• Identify the commencement date calculation of the lessee’s ROU asset and lease liability
• Recognize the circumstances under which a lessee’s payment for taxes and insurance would be included in the lease liability