Examining the New Lease Accounting Standard: More than Meets the Eye

Implementing ASU No. 2016-02, Leases (Topic 842) is sure to have a major impact on your balance sheet and potentially on your business as well. This course is a one-stop shop for what you need to know about the upcoming changes to lease accounting. In this course, we will review how to measure the lease liability and Right of Use asset that will now be recorded on the balance sheet for all leases. We will also tackle the tricky issues of accounting for lease modifications and other lease re-measurement events as well as address the other major provisions of the new standard, including transition. We will also review the income statement treatment of lease expense for all leases for both lessees and lessors and discuss recent FASB implementation guidance. Lastly, the course will cover recently issued amendments to the lease accounting guidance and implementation feedback and best practices related to the public company adoption efforts of Topic 842.

Major Topics:

• ASU No. 2016-02, Leases (Topic 842)
• Overall lease accounting guidance
• Lessor Accounting 101
• Lessee Accounting 101
• Detailed review of accounting by lessees and lessors
• Sale and leaseback transactions
• Transition guidance
• Other operational issues
• Recently issued updates to the lease accounting guidance
• Feedback from the public company adoption of Topic 842

Learning Objectives:

• Comprehend and apply the FASB’s comprehensive new lease accounting guidance found in ASU No. 2016-02, Leases (Topic 842)
• Recall operational issues in adopting the new lease accounting standard

DESIGNED FOR Practicing CPAs and their staffs, both in public accounting and business and industry -- controllers, accountants, and other financial accounting personnel involved in financial statement preparation and review
LEVEL OF KNOWLEDGE Intermediate
CPE CREDITS 4 - Accounting
PREREQUISITE Experience in financial accounting and reporting