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Course Details

Accounting for the New Lease Standard - ASU 2016-02 (Course Id 1226)

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Author : Steven C Fustolo, CPA, MBA
Status : Production
CPE Credits : 8.0
IRS Credits : 0
Price : $79.95
Passing Score : 70%
Primary Subject-Field Of Study:

Accounting - Accounting and Auditing for Course Id 1226

Description :

The purpose of this course is to review the changes made to lease accounting by ASU 2016-02, Leases, and to establish the principles that lessees and lessors shall apply to report useful information to users of financial statements about the amount, timing, and uncertainty of cash flows arising from a lease. Topics include a review of the new rules for lessees and lessors, the types of leases, how to account for the balance sheet, income statement and cash flows statement impacts of different types of leases, the implementation requirements, and more.

Usage Rank : 0
Release : 2017
Version : 1.0
Prerequisites : Basic understanding of U.S. GAAP and existing lease 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 : 29-May-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 - 1226

Keywords : Accounting, New, Lease, Standard, ASU, 2016-02, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

After reading the course material, you will be able to:
  • Recognize a key change made to GAAP by the new lease standard
  • Identify a type of lease that exists for a lessee under ASU 2016-02
  • Recall a type of lease for which the ASU 2016-02 rules do not apply
  • Recognize some of the criteria that determine whether a contract is or is not a lease
  • Identify some of the types of economic benefits a lessee can obtain from a leased asset
  • Recognize a right that ASU 2016-02 states does not prevent a lessee from having the right to direct use of an identified asset
  • Identify a threshold for a lease term to be considered a major part of an asset’s remaining economic life
  • Recognize who an entity might not want to use the risk-free rate to compute the present value of lease payments
  • Identify how a lessee should account for initial direct costs
  • Recognize items that are and are not components of a lease term
  • Recall the method a lessee should use to record interest expense on a lease obligation
  • Identify types of leases for a lessor
  • Recognize the rate that a lessor should use in performing the 90% test for a direct financing lease
  • Recall how a lessor should initially account for initial direct costs for a lease in certain instances
  • Identify how a lessor should account for lease payments received on the income statement for an operating lease
  • Recall how a lessor should classify certain cash receipts on the statement of cash flows
  • Recognize how certain existing leases are accounted for on the implementation date of ASU 2016-02
  • Identify how deferred income taxes will be treated for lessees under ASU 2016-02
  • Recall the potential impact that the new lease standard might have on a lessee’s EBITDA and debt-equity ratios, and
  • Recall the IRS rules as when an entity should and should not capitalize a lease for tax purposes.
Course Contents :

Chapter 1 - Accounting for the New Lease Standard - ASU 2016-02

I.          Background

II.        Basic Concepts of ASU 2016-02

A.        General Rules

Review Questions

 

III.       Introduction

IV.       Definitions used in ASU 2016-02

V.        Scope and Scope Exceptions

VI.       Identifying a Lease

Review Questions

 

VII.     Lessee Rules

A.        Lease Classification - Lessee

B.        Initial Measurement of Lease- Lessee

C.        Lease Modifications - Lessee

D.        Lease Payments - Lessee

E.         Lease Term and Purchase Options- Lessee

F.         Subsequent Reassessment of Lease Elements- Lessee

G.        Short-Term Leases - Lessee

H.        Subsequent Measurement and Accounting for Leases- Lessee

I.          Other Recognition and Measurement Issues- Lessees

J.          Financial Statement Presentation Matters- Lessee

K.        Disclosures by Lessees

Review Questions

 

VIII.    Lessor Rules

A.        Lease Classification

B.        Accounting for Sales-Type Lease- Lessor

C.        Accounting for a Direct Financing Lease

D.        Accounting for Operating Leases- Lessor

E.         Disclosure- Lessor Leases

Review Questions

 

IX.       Transition and Effective Date Information

A.        General- Existing Leases

B.        Transition

X.        Leases: Sale and Leaseback Transactions

XI.       Leases: Leveraged Lease Arrangements

Review Questions

 

XII.     Impact of Changes to Lease Accounting

XIII.    Impact of Lease Changes on Nonpublic Entities

XIV.    Other Considerations- Dealing with Financial Covenants

XV.     Avoiding the New Lease Standard

Review Questions

 

Glossary

Accounting Course 1226 Home: https://www.cpethink.com/accounting-cpa-courses
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