The New Lease Accounting Standard (ASC 842): The Tax Implications of Adoption Self-Study Webinar (1.5 Hours)

The New Lease Accounting Standard (ASC 842): The Tax Implications of Adoption Self-Study Webinar (1.5 Hours)

CPE Credit: 1.5 Hours

Price: $99.00

NASBA Field of Study: Accounting

 

Overview

In this informative self-study webinar from our highly rated Lease Conference, you’ll gain a full understanding of how to determine lease classifications under the New Lease Accounting Standard, and learn the tax implications associated with adoption.
 

AGENDA HIGHLIGHTS


•  Purpose of ASC 842

•  Impact on the Balance Sheet

•  Effective Date

•  Data Management

•  Retained Earnings Adjustment
   – New method or book/tax difference?

•  Deferred Maintenance
   – Evaluation of historical leasing accounting methods
  
   – Lease classification
  
   – Tenant allowances
  
   – Deduction of rental payments

•  Changes to Lease Classification for Tax Purposes

•  Tax Lease Classification
   – Factors to consider when determining benefits and ownership burdens
   – Tax treatment for true lease vs. sale

•  Change in Timing of Deductions
   – Initial direct costs
   – Allocation of consideration

•  Tax Implications—Areas of Impact
   – Tax accounting method treatment of leases

   – ASC 740 accounting for income taxes
   – State apportionment
   – Data management
   – International tax

•  Next Steps to Consider
   – Conduct a phased analysis
  
   – Understand ASC 842 changes
  
   – Analyze current tax leases
  
   – Implementation considerations

 

LEARNING OBJECTIVE  To ensure that financial professionals are provided expert guidance on the tax impacts associated with adoption
of the New Lease Accounting Standard.

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

Speakers

SPEAKER


Tim Polefko, Tax Senior Manager, Deloitte

Detailed Learning Objectives

Identify the characterization of leases for federal income tax purposes

Recognize the factors looked at by the courts when determining if a lessee held an ownership interest in an underlying leased asset

Recognize the implications of asset ownership for federal tax purposes

Identify the implications of ASC 842 on an entity’s deferred tax accounts