Leases: Mastering the New FASB Requirements

Code: LEAS

Date Tuesday, July 24, 2018
Time 8:30am - 4:30pm
Central Time
Location Minnesota Society of CPAs
1650 W 82nd St Ste 600
Bloomington, MN 55431-1458
Map & directions
 
CPE credits CPE 8.0
Field(s)
of study
Accounting - Technical (8.0)
Instructor Jerome Reutzel, CPA, MBT
Boeckermann, Grafstrom & Mayer, LLC
Fees
Standard member fee $325.00
checkmarkStandard nonmember fee $375.00
AICPA member discount ($30.00)

Members: Please log in to receive member fee. To receive an AICPA discount (when available), check the box next to “I am an AICPA member.”

Description

It's time to bridge your knowledge gap between current generally accepted accounting principles (GAAP) and the new Financial Accounting Standards Board (FASB) lease accounting requirements. Take an in-depth look at the new standard, including identification, recognition, measurement, presentation and disclosure requirements. Using practical examples, sharpen your knowledge and gain helpful implementation tips to ensure a smooth transition.

Who should take this program?

CPAs and accountants in industry and public practice

Major subjects

  • Lease classification
  • Lessee accounting model, including lease classification, amortization of the right-of-use asset and interest on the lease liability
  • Lessor accounting model, including transfer of risk, profit recognition and collectability
  • Amortization of the lease asset
  • Derecognition of the underlying asset
  • Recognition of lease receivables
  • Lease modifications
  • Sale and leaseback transactions
  • Presentation, disclosure and transition requirements
  • Comparison of the requirements of U.S. GAAP and international financial reporting standards (IFRS)
  • Private company considerations
  • Short-term leases
  • Purchase options
  • Variable lease payments

Learning objective(s)

  • Identify a lease under the new leases standard
  • Identify recognition and measurement requirements of the new leases standard
  • Identify presentation and disclosure requirements of the new leases standard

Notes:

Course code Code LEAS
Sponsor MNCPA
NASBA ID#: 139884
Level Intermediate
Format Group Live
Prerequisites Prereq. Experience in the application of accounting standards recommended.
Advance
prep
None