Self-Study

Surgent's Accounting for and Auditing Leases

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Accounting for and auditing leases was always a challenging task. Adding the implementation of the lease accounting guidance in ASC 842, Leases, will undoubtedly add that much more complexity to this audit area.

In this module, we will review the new lease accounting model for lessees, compare and contrast the new model with the existing guidance in ASC 840, and review in detail the key considerations in accounting for operating leases under ASC 842 and the other new guidance in the standard.

Then, we'll review common audit procedures related to auditing the lease liability and the related Right-of-Use asset, including reviewing the enhanced lease disclosure requirements under ASC 842 and review common audit procedures to perform over the cumulative effect adjustment which entities must record when they adopt ASC 842. (Please Note: This module is part of Surgent's Audit Skills Training: Level 3.)

Major subjects

• ASU No. 2016-02, Leases (Topic 842)
• Overall lease accounting guidance for both lessees and lessors
• Detailed review of accounting by lessees
• Transition guidance
• Other operational issues
• Control and risk considerations related to auditing leases
• Common audit procedures related to auditing leases and the adoption of ASC 842

Learning objectives

• Comprehend and apply theFASB's comprehensive new lease accounting guidance found in ASU No. 2016-02, Leases (Topic 842)
• Auditing considerations related to ASC 842 transition and subsequent accounting

Who should take this program?

• Accountants new to the profession or new to auditing

Pricing

Our records indicate you are a nonmember. If you register, you will be charged $89.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.

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Related programs

Jan. 17, 2025 | Exploring the New Lease Accounting Standard | Webinar

Jan. 22, 2025 | Lessee and Lessor Accounting | Webinar

Jan. 24, 2025 | Accounting for Leases | Webinar

Jan. 25, 2025 | Topic 842: Implementing Leases Workshop | Webinar

Jan. 27, 2025 | Topic 842: Understanding the New Lease Accounting Standard | Webinar

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Related products

ASC 842, Leases: Implementation Issues and Lessons Learned | Self-Study (On-Demand)

Surgent's Lease Accounting: The Impact of Changing Standards on Both Lessors and Lessees | Self-Study (On-Demand)

Surgent's Lease Accounting: Exploring the New Standard | Self-Study (Downloadable PDF)

Surgent's Applying Lessons Learned to Assure a Successful ASC 842 Adoption | Self-Study (On-Demand)

Surgent's What You Need to Know About ASC 842, Leases | Self-Study (On-Demand)

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