Lease Accounting Virtual Conference: Successfully Implementing the New Standard

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Lease Accounting Virtual Conference: Successfully Implementing the New Standard

CPE Credit: 16 Hours

Price: $899.00

NASBA Field of Study: Accounting

$499 per day or take both days for just $899!

 

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 two-day Virtual Lease Accounting Conference.

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 conference features a practical learning approach with interactive case studies. Using our immersive platform, attendees will learn about the implementation questions received by the FASB and IASB, and have their own questions answered directly by the experts.

Introducing our Conference Flex Pass! For the ultimate in flexibility, sign up for two consecutive or non-consecutive days of the same conference! (Non-consecutive days must be purchased at the same time.)
 

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 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  Group Internet-Based.

 

Agenda

DAY ONE AGENDA


Welcome & Opening Remarks
8:45 – 9:00 AM

ASC 842: LeasesUnderstanding the New Standard (Part 1)
9:00 – 10:15 AM
Topic ASC 842 affects all businesses entering into leasing contracts. The core principle of this New Standard is a lessee's obligation to make lease payments meet the definition of a liability. As such, the lessee must capitalize all leases on their balance sheet, unless an entity chooses not to recognize short-term leases by policy election, or by a low capitalization threshold. In this session, we will review its core principles, including:

• Scope
• Policy Exceptions
• Lease Term & Discount Rate
• Effective & Transition Dates
• Lease Classification & Measurement by Lessee

Break
10:15 – 10:30 AM

ASC 842: LeasesUnderstanding the New Standard (Part 2)
10:30 AM – 12:00 PM
This session will cover accounting for leases by lessors, focusing on:

• Accounting by Lessors
• The New Definition of Initial Direct Costs
• SAB 74 Disclosures

• Lease contract definitions
• Embedded Leases
• Impact of Scope Change

Lunch
12:00 – 1:00 PM

ASC 842: LeasesUnderstanding the New Standard (Part 3)
1:00 – 2:30 PM
The next part of this session takes an in-depth look at:

• Identifying Leasing Components
• Executory Costs
• Lease Payments
• Leasehold Incentives
• Accounting for Variable Lease Payments
• Benefits of the New Standard
• Potential impact to lessee

Break
2:30 – 2:45 PM

ASC 842: LeasesUnderstanding the New Standard (Part 4)
2:45 – 5:00 PM
We conclude this day-long session with a discussion of significant differences of the following topics:

• Benefits of the New Standard & Potential Impact to Lessee
• Significant Differences with IFRS 16
• ROU asset impairment
• Lessee presentation
• Lease contract modifications

• Allocation of considerations

 

DAY TWO AGENDA


Opening Remarks & Day One Recap
8:30 – 8:45 AM
An overview of Day 1 of the conference.

ASC 842 Impact to Lessor
8:45 – 10:30 AM
This session reviews the New Lease Accounting Standard's impact on lessors and business combinations.
• Lessor Lease Classification

• Lsssor Lease Modifications
• Lessor Presentation
• Accounting for Sales & Direct Financing Examples

Break
10:30 – 10:45 AM

Accounting for Sale/Leaseback & Other Issues
10:45 AM – 12:00 PM
Accounting for sale/leaseback is complex. This session will summarize the accounting with examples. Specifically, we'll discuss whether the transaction by seller-lessee meets the definition of a sale per ASC Topic 606, or whether it is a financing arrangement. Also, this session covers other issues, such as the impact on income taxes per ASC 740, borrowing costs and accounting for noncash considerations. We will conclude the session with a short quiz.

Lunch
12:00 – 1:00 PM

ASC 842: Disclosure Requirements, COVID-19 Impact & Internal Controls
1:00 – 3:00 PM
This session reviews disclosure requirements for lessees and lessors, and Internal Controls over Financial Reporting (ICFR):
• Lessee & Lessor Disclosure Requirements

• Internal Controls Considerations
• COVID-19 impact
• Lease software automation benefits

Break
3:00 – 3:15 PM

ASU Amendments, Post-Implementation Issues & Closing Comments
3:15 – 4:30 PM
This last session of the conference addresses internal controls, software automation, and various Accounting Standard Updates, with a discussion of pre- and post-implementation issues, including:
• ASC 842: Internal Control Considerations and Software Automation
• ASU 2018-10: Codification Improvements to ASC 842
• ASU 2018-20: Narrow-Scope Improvements for Lessors
• ASU 2019-01: Leases
Topic 842: Codification Improvements
• Transition & Post-Implementation Issues
• Closing Comments

Conference Ends
4:30 PM

 

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

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