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

Overview: 

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.

Objective: 

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.

Emphasis: 
  • 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
 

Bottom
Price: 
$99.00
Prerequisite: 

Working understanding of ASC 842.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Intermediate.

CPE Credit: 
2.00
NASBA Field of Study: 
Accounting