Lease Modifications: ASC 842 & COVID-19 Impact Self-Study Webinar (2 Hours)


In the face of unprecedented and unpredictable financial strain, many companies are experiencing difficulties meeting their obligations under their existing lease arrangements. As a result, many lessees need to restructure their lease agreements with their lessors by agreeing to delay or lower lease payments, or by agreeing to a reduction in the right of use of the asset identified in the lease contract. This self-study webinar will cover all of the accounting and reporting lease modifications in ASC 842, and how they are of vital importance during such unpredictable times.


Financial professionals serving lessees and lessors will gain a greater understanding of the changes in lease modification accounting brought about by ASC 842, and will be better equipped to handle the evolving demands of restructuring lease contracts.

  • COVID-19 impact
  • Accounting for lease modifications by lessee and lessor with examples
  • Accounting for ROU asset impairments
  • When to reassess discount rates, lease classification and lease liability obligations
  • Financial statement disclosures

Identify the current effective dates for the lease standard after adjustment for the COVID-19 virus

Recognize the various impacts of the virus that may affect lessee lease accounting

Recognize the FASB staff guidance surrounding pandemic-related rent concessions

Identify the accounting implications of a lease modification that grants the lessee an additional ROU asset

Recognize the circumstances under which a lease modification will require accompanying balance sheet adjustments

Recognize the application of the impairment guidance of ASC 360 on ROU assets

Identify the entities that may utilize the risk-free discount rate in their balance sheet calculations

Identify the discount rate to be used to determine the revised lease liability measurement upon a lease modification

Recognize those circumstances under which a lessee must re-measure a lease liability


Working understanding of ASC 842.


No advance preparation required.

Level of Knowledge: 


CPE Credit: 
NASBA Field of Study: