Overview of the New Lease Accounting Standard Self-Study Webinar (1.5 Hours)

Overview of the New Lease Accounting Standard Self-Study Webinar (1.5 Hours)

CPE Credit: 1.5 Hours

Price: $99.00

NASBA Field of Study: Accounting



This information-packed self-study webinar, drawn from our popular Lease Accounting Conference, will give you an in-depth understanding of lessee and lessor accounting under the New Lease Accounting Standard, including an examination of the two transition methods, the differences under ASC 842 and IFRS 16, the impact of new regulations on your balance sheet, and the implications beyond accounting.


•  New Leases Standard—effective date
   – Public business entities
   – Nonpublic companies

•  Implementation difficulties—2018 PwC survey highlights
   – Data abstraction

   – Human capital resources
   – Process and controls
   – Lease population
   – Project management
   – System implementation

•  Lessee model
   – Balance sheet

   – Classification
   – Additional items
   – Disclosures

•  Lessor model 
   – Approach
   – Classification
   – Additional items
   – Disclosures

•  How it works—5 Key Steps
   – Assess whether the contract is, or contains, a lease
   – Identify all lease and non-lease components
   – Allocate the consideration in the contract to each component

   – Classify the lease (only for lessor under IFRS)
   – Apply accounting model for recognition and measurement of the lease

•  Two transition methods—whether or not to restate comparative periods

•  Practical expedients
   – Package of practical expedients
   – Hindsight
   – Land easements
   – Index/rate to use at transition
   – Short term leases (lessee)
   – Portfolio approach
   – Lessee and lessor elections for components
   – Lessor accounting for sales tax and certain other taxes
   – Lessor costs paid by lessee
   – Newly issued guidance pertaining to Accounting Changes and Error Corrections (ASC 250), and
      Financial Services—Depository and Lending (ASC 942)

•  ASC 842 vs. IFRS 16
   – Lessee accounting
   – Lessor accounting
   – Measurement of ROU asset
   – Reassessment of variable lease payment
   – Subleases
   – Sale-leaseback

•  Implications beyond accounting
   – Accounting policy and financials

   – Data
   – Processes and controls
   – Systems
   – Equipment and real estate

   – Tax and treasury

LEARNING OBJECTIVE  To ensure that financial professionals will be able to successfully handle both lessee and lessor issues
under the New Lease Accounting Standard.




Ashima Jain, Managing Director, PwC

Detailed Learning Objectives

Identify the effective date of ASC 842 for nonpublic business entities

Identify those leases for which a lessee recognizes a right-of-use asset and a lease liability asset

Recognize the implications for both lessee and lessor disclosures under ASC 842 relative to ASC 840

Identify the options for the election of the package of practical expedients

Recognize the accounting results when electing the practical expedient for land easements

Recognize the balance sheet results of a lessee electing to not separate non-lease components from the associated lease component