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Need more CPE this year? Get this course plus unlimited live webinars through 12/31 for just $649!

Lease Accounting: The Impact of Changing Standards on Both Lessors and Lessees (AAAL)

Tuesday, November 8, 2016
01:00 PM - 03:00 PM (Eastern)

Jen Louis, CPA

  • Format Webinar
  • Credits 2
  • Level Basic
  • Field of Study Accounting (2)

Overview

ASU 2016-02, Leases (Topic 842) has finally made official that financial accounting and reporting standards relevant to leases has been completely revisited and modified, both within the U.S. and internationally. The new standard eliminates one of the largest forms of off-balance sheet accounting, but requires most leases to be brought onto the balance sheet (whether classified as a financing or operating lease). This course will discuss the impact of these changing standards on both lessors and lessees. These changes will be effective for public companies for periods beginning after December 15, 2018, with all other entities having an extra year for implementation.

Major Topics:

  • Outcomes of the recent FASB and IASB Joint Project related to Leases
  • Differentiating between accounting and reporting requirements for operating and finance leases
  • Evaluating possible material misstatement related to lease recognition, measurement, presentation and disclosure

Learning Objectives

  • Identify finance lease transactions, including both lessor and lessee perspectives
  • Understand the proper accounting and financial reporting treatment for operating and finance leases
  • Describe how lessor accounting is influenced by revenue recognition and measurement concepts
  • Explain important transition issues from the current to new standards  

Who should take this course:

Practicing CPAs and accounting professionals in business and industry that prepare and review or audit financial statements

Basic understanding of U.S. generally accepted accounting principles

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