Surgent's Accounting for and Auditing Leases

Available Anytime

Location: Online

2Credits

Accounting and Auditing

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~~$89.00 Regular Price~~

Nonmembers

$119.00 Regular Price

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Product Code: SU24-A3S6-SSWC

Level: Basic

Vendor: Surgent

Field of Study: Auditing

Overview:

Accounting for and auditing leases was always a challenging task. Adding the implementation of the lease accounting guidance in ASC 842, Leases, will undoubtedly add that much more complexity to this audit area. In this module, we will review the new lease accounting model for lessees, compare and contrast the new model with the existing guidance in ASC 840, and review in detail the key considerations in accounting for operating leases under ASC 842 and the other new guidance in the standard. Then, we'll review common audit procedures related to auditing the lease liability and the related Right-of-Use asset, including reviewing the enhanced lease disclosure requirements under ASC 842 and review common audit procedures to perform over the cumulative effect adjustment which entities must record when they adopt ASC 842. (Please Note: This module is part of Surgent's Audit Skills Training: Level 3.)

Objectives:

Comprehend and apply the FASB’s comprehensive new lease accounting guidance found in ASU No. 2016-02, Leases (Topic 842)
Auditing considerations related to ASC 842 transition and subsequent accounting

Major Topics:

ASU No. 2016-02, Leases (Topic 842)
Overall lease accounting guidance for both lessees and lessors
Detailed review of accounting by lessees
Transition guidance
Other operational issues
Control and risk considerations related to auditing leases
Common audit procedures related to auditing leases and the adoption of ASC 842

Designed For:

Accountants new to the profession or new to auditing

Prerequisite:

None

Additional Info:

You will receive an email from [email protected] with instructions on how to log onto your course shortly. If you do not receive the email within the hour, please check your spam filter.

For technical support, registration questions or other customer service-related inquiries, please call (800) 778-7436 or email [email protected]. Phones are staffed from 8:30 a.m. to 5:00 p.m. Eastern Time, Monday through Thursday, and 8:30 a.m. to 4:00 p.m. Eastern Time on Friday.