Transitioning to the New Lease Accounting Standard (ASC 842) Self-Study Webinar (7 Hours)

Overview: 

If your company has yet to adopt the New Lease Accounting Standard (ASC 842), this self-study webinar will supply you with the expert guidance you need to effectively make the transition, as well as provide you with a detailed review of its core principles. Join us to gain a comprehensive understanding of:

  • New Standard core principles, with numerous examples
  • Transition requirements of ASU 2016-02 and the optional transition method in ASU 2018-11
  • Internal controls trnsition issues
  • Software transition benefits

    ...and everything else you need to make a smooth transition!

Objective: 

To provide financial professionals with guidance for overcoming the challenges of transitioning from Lease Accounting Topic ASC 840 to ASC 842.

Emphasis: 
  • Effective Dates & Transition Requirements
  • Scope, Exceptions & Exclusions
  • Determination of Lease Term, Discount Rates & Fair Market Value of Leased Assets
  • Lease Classification & Lease Liability Measurement
  • Modified Retrospective Transition Method for an Operating Lease
  • ASU 2018-11 & Transition Practical Relief Exceptions
  • Business Combinations Assets & Liabilities Transition under ASC Topic 805
  • COVID-19 Impact
  • Internal Control Issues & Software Automation Benefits
  • IFRS 16 Transition Methods

 

• Identify the effective date of the New Leasing Standard for all entities

• Identify those leases for which a lessee must recognize a right-of-use asset and a lease liability

• Identify the transition requirements of Topic 842

• Recognize the scope of Topic 842

• Recognize those circumstances under which a lessee may not be required to recognize a lease

• Identify the periods to be included in the lease term

• Identify the circumstances under which a lease term should be reassessed

• Recognize the required interest rates to be used when recognizing the PV of the lease liability

• Recognize lease classifications under both GAAP and IFRS

• Recognize generally accepted measurements behind certain leasing terminology

• Identify the role of residual value guarantees when calculating the PV of future lease payments

• Recognize specified observations about the impact of the New Leasing Standard on a lessee’s financial results

• Recognize the parameters for the use of specified practical expedients

• Identify the impact of variable lease payments on the opening ROU and lease liability

• Identify the FASB accommodations regarding the New Leasing Standard due to the ongoing pandemic

• Recognize the implications of implementation of the New Leasing Standard on an entity’s internal controls

• Recognize the role of documentation on the implementation of the New Leasing Standard

Bottom
Price: 
$209.00
Prerequisite: 

Basic knowledge of financial accounting and reporting.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Intermediate.

CPE Credit: 
7.00
NASBA Field of Study: 
Accounting