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Webinar

Accounting for Leases

If you have questions about this event, please call us at 952-831-2707.

Friday, Jan. 24, 2025
3-5:25 p.m. Central
2.6 CPE (2.6 technical)

Course code: 24WA-730A
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In February 2016, FASB issued ASU 2016-02, Leases, which provides new guidelines that change the accounting for leasing arrangements. To be able to properly account for leases, financial professionals must understand ASU 2016-02 (also referred to as Topic 842). This guidance covers information on how leases should be accounted for. The previous leasing standard (ASC 840) had been in existence for almost 40 years.

Under ASC Topic 842, lessors continue to classify leases as operating, direct financing, or sales-type. While lessees now classify leases as operating or financing leases. Previous guidance only required capital leases to be reflected on the BS. The new guidance requires all leases to be reflected on the BS. This is a major change for organizations and will cause their balance sheets to swell as leases must now be disclosed on the balance sheet.

The standards original effective dates were prior to 2019. In April 2020, due to COVID-19, FASB voted to defer the effective date for ASC 842 for private companies and certain not-for-profit's for one year. For private companies and private not-for-profits, the leasing standard will be effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. For public companies the leasing standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years.

The course covers elements of lease classification for both lessees and lessors. Also, numerous examples are incorporated as reference.

Major subjects

  • Accounting
  • Finance
  • Financial Statement Preparation

Learning objectives

  • Identify the purpose and effective date of the updated lease standard
  • Recognize and understand the updated Topic 842 -- Leases
  • Identify the types/classifications of leases for lessees/lessors
  • Explore how to account for a lessee's operating and capital leases and required disclosures
  • Identify how to account for a lessor's operating, direct financing, sales-type leases and required disclosures
  • Discover and understand Sale and leaseback issues

Who should take this program?

  • Controllers, Accountants, CFO, Finance Professionals, Operational Professionals, Auditors

Pricing

Standard Member Fee $89.00
checkmark Standard Nonmember Fee $89.00
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.

More program information

Instructor Lynn Fountain, CGMA, CRMA, MBA
Location Online
Area
of study
Accounting & audit
Field(s)
of study
Auditing - Technical (0.6)
Accounting - Technical (2.0)
Level Basic
Format Group Internet Based
Sponsor Business Professionals' Network, Inc.
NASBA ID#: 107810
Prerequisites Prereq. None
Advance
prep
None
Cancellation
policy
Receive a full refund if you cancel at least four business days before the event start date.
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If you have questions about this event, please call us at 952-831-2707.