Leases: Mastering the New FASB Requirements

Overview:

What's in the scope? What are the requirements?

Do you know which leases are within the scope of FASB ASC 842, Leases, and how to apply the new financial accounting, financial reporting, and disclosure requirements of this new and significant standard?

This course answers those questions by examining the core principles of the standard, including identification, recognition, measurement, presentation, and disclosure requirements. Examples with journal entries are included to illustrate how to apply the standard.

Additionally, this course explains:

• The lessee accounting model, including lease classification, amortization of the right-of-use asset, and interest on the lease liability
• The lessor accounting model, including transfer of risk, profit recognition, and collectibility
• Short-term leases, purchase options, variable lease payments, and sale and leaseback transactions
• The business context of implementing the new standard by identifying key factors for managing this significant change