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The Bottom Line on the New Lease Accounting Requirements

Monday, October 24 12:30pm - 4:00pm

(Check-In 12:00am)

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Holiday Inn

1100 5th St S
Great Falls, MT 59405

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4.00 Credits

Member Price $138.00

Price will increase by $25 after 10/3

Non-Member Price $163.00

Price will increase by $25 after 10/3

Overview

All materials will be electronic only

Which leases are within the scope of FASB ASC 842, Leases, and what are the basic accounting, financial reporting and disclosure requirements? This course addresses those questions by focusing on the basic core principles of this new major standard. Discussion includes basic identification, recognition, measurement, presentation and disclosure requirements. Case study exercises are included to illustrate application of the standard.

This course discusses the lessee accounting model, including lease classification, amortization of the right-of-use asset, and interest on the lease liability. This course also discusses the lessor accounting model, including profit recognition and collectability.

Highlights

  • Lease classification
  • Amortization of the lease asset
  • Derecognition of the underlying asset
  • Recognition of lease receivables

Prerequisites

Experience in the not-for-profit environment.

Designed For

Accountants in practice and industry.

Objectives

This course is intended to familiarize the learner with the key aspects of the new leases standard, FASB ASC 842. When you complete this course you will be able to:
Recognize arrangements which meet the scope requirements for lease accounting under FASB ASC 842.
Recognize lessee accounting requirements for operating leases and finance leases under FASB ASC 842.
Recognize lessor accounting requirements for sales-type, direct financing and operating leases under FASB ASC 842.
Recognize presentation requirements for lessees and lessors under FASB ASC 842.
Recognize business factors to consider when implementing FASB ASC 842.

Preparation

None

Leader(s):

Leader Bios

Michael Brand

Michael L. Brand is a partner in the firm of Johnson, Feigley, Newton & Brand in Athens, Alabama. For the past 23 years, he has been involved in all aspects of public accounting with in emphasis in accounting, auditing, and review services. He also teaches continuing education classes and has been a speaker at several conferences nationwide. He is the current chair of the Alabama Society of Certified Public Accountants Peer Review Committee and the Accounting and Review Services Committee. Brand’s experience involves audits, reviews, and compilations of various for-profit industries, not-for-profits, and governmental entities. He was formally on the Peer Review Board, Joint Trial Board, and the Quality Control Standards Task Force. In 2010 and 2011 he received the Outstanding Discussion Leader Award. Brand received his BS in accounting from the University of North Alabama.

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Non-Member Price $163.00

Member Price $138.00