Do you know which leases are within the scope of FASB ASC 842, Leases and how to apply the new financial accounting, financial reporting and disclosure requirements of this new major standard? This course addresses those questions by examining the core principles of the standard, including identification, recognition, meas-urement, presentation and disclosure requirements. Examples with journal entries are included to illustrate ap-plication of the standard. This course explains the lessee accounting model, including lease classification, amortization of the right-of-use asset, and interest on the lease liability. This course also explains the lessor accounting model, including transfer of risk, profit recognition, and collectability. Additional topics include short-term leases, purchase op-tions, variable lease payments, and sale and leaseback transactions. In addition, this course addresses the busi-ness context of implementing the new standard by identifying key factors for managing this significant change.