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FASB ASC 842 requires organizations to recognize lease assets and liabilities on the balance sheet and to disclose key information about lease arrangements. This self-study course provides an in-depth look at the new leases standard, FASB ASC 842, covering identification, recognition, measurement, and presentation and disclosure requirements.
Both the lessee and lessor accounting models, as well as short-term leases, purchase options, variable lease payments, and sale and leaseback transactions are addressed. Also included is a chapter that examines the differences between FASB ASU No. 2016-02 and IFRS 16. This course features examples that include journal entries and lease amortization schedules to illustrate a lessee’s accounting for finance and operating leases, as well as lease modifications.
CPE Credit: 9
Topics Discussed
- Lease classification
- Amortization of the lease asset
- Derecognition of the underlying asset
- Recognition of lease receivables
Learning Objectives
- Identify a lease under the new leases standard.
- Identify recognition and measurement requirements of the new leases standard.
- Identify presentation and disclosure requirements of the new leases standard.
- Prepare journal entries
Who will benefit
- Accountants in practice and industry