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

 

Overview

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 implications beyond accounting, and accounting for relief under COVID-19 rent concessions.
 

AGENDA HIGHLIGHTS


•  Deferral of ASC 842 Adoption for Certain Entities
   – Public not-for-profits
   – Private companies

•  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
   – Easements
   – Index or rate at transition
   – Short term leases (lessee)
   – Portfolio approach
   – Lessee/lessor election to combine components
   – Lessor accounting for sales tax and certain other taxes
   – Lessor costs paid by lessee
   – Quantitative and qualitative disclosures
   – Implications beyond accounting

•  Implications Beyond Accounting
   – Accounting policy and financials
   – Data
   – Processes and controls
   – Systems
   – Equipment and real estate
   – Tax and treasury

•  COVID-19 Update
   – ASC 842 accounting for lease modification
   – Rent concessions—relief summary
   – Lessee/lessor examples
   – Reassessment of variable lease payment
   – Subleases
   – Sale-leaseback

 

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

PREREQUISITE  None.    ADVANCE PREPARATION  None.    PROGRAM LEVEL  Update.    NASBA FIELD OF STUDY  Accounting.
DELIVERY METHOD  Self-Study.

Speakers

SPEAKER


Ashima Jain, Managing Director, PwC

Detailed Learning Objectives

• Identify the recently extended effective dates of the leasing standard

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

Recognize the options entities have when accounting for COVID-related lease modifications