|Author :||Jae K. Shim, Ph.D., CPA|
|CPE Credits :||3.5|
|IRS Credits :||0|
|Passing Score :||70%|
|Primary Subject-Field Of Study:||
Accounting - Accounting and Auditing for Course Id 1172
Many U.S. companies have become heavily involved in leasing assets rather than owning them. For example, according to the Equipment Leasing Association (ELA), the global equipment-leasing market is a $1 trillion business, with the U.S. accounting for about one-third of the global market. Any type of equipment can be leased, such as railcars, helicopters, bulldozers, barges, CT scanners, computers, and so on. The largest group of leased equipment involves information technology equipment, followed by assets in the transportation area (trucks, aircraft, rail), and then construction and agriculture. This course discusses the accounting, reporting, and disclosures of leases by lessees and lessors. It includes a discussion of sale-leasebacks, subleases, renewals and extensions, terminations, leveraged leases, and other issues.
|Usage Rank :||0|
|Prerequisites :||Basic Accounting.|
|Experience Level :||Overview|
|Additional Contents :||Complete, no additional material needed.|
|Additional Links :|
|Advance Preparation :||None.|
|Delivery Method :||Self-Study.|
|Intended Participants :||Anyone needing Continuing Professional Education (CPE).|
|Revision Date :||04-Jan-2017|
|NASBA Course Declaration :||Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.|
|Approved Audience :||
NASBA QAS - NASBA Registry - 1172
|Keywords :||Accounting, Accounting, Leases, 2016, cpe, cpa, online course|
|Learning Objectives :||
After completing this course, you should be able to:
2. Recognize the most material difference between ASC 842 and current practice.
3. Differentiate between the operating and capital lease method.
4. Distinguish between operating, direct financing, and sales-type method.
5. Recognize the key terms and costs included when accounting for leases.
6. Compute leased asset and depreciation expense entries.
7. Recognize differences between GAAP and IFRS when accounting for leases.
|Course Contents :||
Chapter 1 - Accounting for Leases
Course Learning Objectives
The Leasing Market
Capital Lease Method
Review Questions - Section 1
Capital Leases - Continued
Review Questions - Section 2
Direct Financing Method
Residual Value Considerations
Transfer of Lease Receivable
Review Questions - Section 3
Subleases and Similar Arrangements
Modifications and Terminations
Renewals and Extensions
Disposal of a Business Segment
Real Estate Leases
Land and Building
Land, Building, and Equipment
Portion of a Building
Sale-Leaseback Involving Real Estate
ASC, FASB, and Difference between GAAP and IFRS
A Snapshot of Key Differences between ASC 842 and IFR 16
Review Questions - Section 4
Appendix: Present Value Tables