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Here is the outline of the AI in accounting and finance course:

  1. The history of ChatGPT and Large Language Models (including about me)

  2. Why it is essential for forward-thinking accounting firms

  3. The shortcomings

  4. How you benefit from ChatGPT

  5. The best use cases (in overview)

  6. How to set up your account and use ChatGPT

  7. Prompt engineering and why it is so important

  8. Setting up your custom instructions – the most powerful feature

  9. Ways to improve your practice management, get help with client communications, and an introduction to your new marketing assistant for powerful practice growth

  10. More powerful use cases and advanced features

In more detail here are the sections:

1. The Genesis of ChatGPT and Large Language Models

  • Trace the evolution of ChatGPT and its significance to the accounting profession.

  • Differentiate between ChatGPT and other language models.

  • Illustrate the core features that make ChatGPT unique.

2. The Accounting Revolution: Why ChatGPT Is Your Firm's Future

  • Explain the competitive edge ChatGPT provides to accounting firms.

  • Illustrate the efficiency and accuracy benefits of integrating ChatGPT.

  • Adopt strategies to seamlessly integrate ChatGPT into daily operations.

3. The Other Side: Pitfalls of Relying Solely on ChatGPT

  • Identify potential challenges and shortcomings of using ChatGPT.

  • Strategize methods to mitigate these challenges in professional scenarios.

4. The ChatGPT Advantage: Unveiling Your Secret Weapon

  • Harness the transformative potential of ChatGPT for your firm.

  • Quantify the ROI of incorporating ChatGPT into business operations.

  • Position ChatGPT as a reliable assistant in your workflow.

5. ChatGPT in Action: Real-world Applications for Accountants

  • Evaluate practical scenarios where ChatGPT excels.

  • Integrate ChatGPT in specific accounting tasks for improved efficiency.

  • Deliver innovative solutions using ChatGPT to tackle accounting challenges.

6. Step by Step: Setting Up and Unleashing ChatGPT's Potential

  • Execute a smooth setup of your ChatGPT account.

  • Navigate and utilize core functionalities for optimal results.

  • Implement best practices for best results.

7. The Art of Prompt Engineering: Why It's the #1 skill you must master

  • Craft precise prompts to retrieve accurate and relevant responses.

  • Tailor prompts for specific accounting tasks and challenges.

  • Innovate in prompt creation to achieve best results for complex queries.

8. Mastering Custom Instructions: Turbocharging Your ChatGPT Experience

  • Design effective custom instructions for specialized tasks.

  • Enhance user experience and results with personalized settings.

  • Deliver solutions faster with well-crafted instructions.

9. Getting practical with use cases

  •  Elevate practice management through ChatGPT-assisted strategies.

  • Elevating Client Relations: ChatGPT as Your Communication Partner

  • Leverage ChatGPT for innovative and impactful marketing campaigns.

10. ChatGPT Power-Plays: Diving Deeper into Advanced Use Cases

  • Creating value for clients with strategic insights

  • How to use ChatGPT for data analysis

  • ChatGPT Plus and advanced functionality

Please Note: This ChatGPT for accountants course’s author is working on providing transcripts, PDFs, and slides where applicable. Unfortunately, until then we will not be able to offer them with this AI in accounting and finance course but felt the course was valuable enough as it is so have chosen to include it on our site. Our sincere apologies for any inconvenience and please let us know any questions using the support bubble on the bottom right of all pages on our site.

ChatGPT for Accountants: Mastering the AI Revolution in Accounting and Finance (Video) (3 Hrs)

Budgeting consumes a massive amount of time and resources. It's a stressful and busy time.

Are there ways to improve the effectiveness of the investment we make in the budget process? Can we make better budgeting decisions that lead to higher performance?

There are options within and beyond traditional budgeting. Each company should consider these options and decide which could improve their budgeting process. Budgeting has many benefits that we can continue to capture and build upon.

This online budgeting course starts by outlining the benefits and challenges of budgeting. Throughout this course, I'll provide tips and alternative budget systems that can mitigate these challenges and capture more benefits.

Next, you'll learn or revisit some foundational concepts for budgeting. I'll build on these to show the pros and cons of later budgeting tips, ideas, and alternatives.

The master budget is a collection of many sub-budgets. I'll show how these fit together to form an aligned plan to achieve a company's strategic goals. There's a method to the madness of when different types of assumptions and calculations are layered into the budget. However, the process is not entirely sequential. It abounds with iterative loops.

The third section walks step-by-step through the budget formation process. The purpose and role of the budget can best be explained in the context of strategic planning. We'll explore which analyses can be done throughout the year to take pressure off the very busy budgeting season. Some lessons cover the nuts and bolts of budget reporting and budgeting tools.

I'll explore a series of budgeting alternatives in the final section of the course. We'll look at rolling forecasts, zero-based budgeting, activity-based budgeting, and many others. We'll also look at operating without a budget. Each alternative has pros and cons that I'll list.

Each lesson in this section gives an overview of the budget alternative to help you decide whether you want to pursue that alternative further. Even if you don't fully adopt these alternatives, you can find ideas to improve your budgeting process.

The online budgeting course concludes by revisiting budgeting process challenges and how the tips and alternatives presented in the course can address or mitigate those challenges.

The course author has been the CFO, SVP of Finance, or Director of Operations of companies with just a few employees to companies with $3 billion in assets and hundreds of employees. He's led, facilitated, or participated in the budgeting process many times.  

Better Budgeting: Budgeting for Better Decisions (10 Hrs)
A/B
Suggested Courses

Here is the outline of the AI in accounting and finance course:

  1. The history of ChatGPT and Large Language Models (including about me)

  2. Why it is essential for forward-thinking accounting firms

  3. The shortcomings

  4. How you benefit from ChatGPT

  5. The best use cases (in overview)

  6. How to set up your account and use ChatGPT

  7. Prompt engineering and why it is so important

  8. Setting up your custom instructions – the most powerful feature

  9. Ways to improve your practice management, get help with client communications, and an introduction to your new marketing assistant for powerful practice growth

  10. More powerful use cases and advanced features

In more detail here are the sections:

1. The Genesis of ChatGPT and Large Language Models

  • Trace the evolution of ChatGPT and its significance to the accounting profession.

  • Differentiate between ChatGPT and other language models.

  • Illustrate the core features that make ChatGPT unique.

2. The Accounting Revolution: Why ChatGPT Is Your Firm's Future

  • Explain the competitive edge ChatGPT provides to accounting firms.

  • Illustrate the efficiency and accuracy benefits of integrating ChatGPT.

  • Adopt strategies to seamlessly integrate ChatGPT into daily operations.

3. The Other Side: Pitfalls of Relying Solely on ChatGPT

  • Identify potential challenges and shortcomings of using ChatGPT.

  • Strategize methods to mitigate these challenges in professional scenarios.

4. The ChatGPT Advantage: Unveiling Your Secret Weapon

  • Harness the transformative potential of ChatGPT for your firm.

  • Quantify the ROI of incorporating ChatGPT into business operations.

  • Position ChatGPT as a reliable assistant in your workflow.

5. ChatGPT in Action: Real-world Applications for Accountants

  • Evaluate practical scenarios where ChatGPT excels.

  • Integrate ChatGPT in specific accounting tasks for improved efficiency.

  • Deliver innovative solutions using ChatGPT to tackle accounting challenges.

6. Step by Step: Setting Up and Unleashing ChatGPT's Potential

  • Execute a smooth setup of your ChatGPT account.

  • Navigate and utilize core functionalities for optimal results.

  • Implement best practices for best results.

7. The Art of Prompt Engineering: Why It's the #1 skill you must master

  • Craft precise prompts to retrieve accurate and relevant responses.

  • Tailor prompts for specific accounting tasks and challenges.

  • Innovate in prompt creation to achieve best results for complex queries.

8. Mastering Custom Instructions: Turbocharging Your ChatGPT Experience

  • Design effective custom instructions for specialized tasks.

  • Enhance user experience and results with personalized settings.

  • Deliver solutions faster with well-crafted instructions.

9. Getting practical with use cases

  •  Elevate practice management through ChatGPT-assisted strategies.

  • Elevating Client Relations: ChatGPT as Your Communication Partner

  • Leverage ChatGPT for innovative and impactful marketing campaigns.

10. ChatGPT Power-Plays: Diving Deeper into Advanced Use Cases

  • Creating value for clients with strategic insights

  • How to use ChatGPT for data analysis

  • ChatGPT Plus and advanced functionality

Please Note: This ChatGPT for accountants course’s author is working on providing transcripts, PDFs, and slides where applicable. Unfortunately, until then we will not be able to offer them with this AI in accounting and finance course but felt the course was valuable enough as it is so have chosen to include it on our site. Our sincere apologies for any inconvenience and please let us know any questions using the support bubble on the bottom right of all pages on our site.

ChatGPT for Accountants: Mastering the AI Revolution in Accounting and Finance (Video) (3 Hrs)

Budgeting consumes a massive amount of time and resources. It's a stressful and busy time.

Are there ways to improve the effectiveness of the investment we make in the budget process? Can we make better budgeting decisions that lead to higher performance?

There are options within and beyond traditional budgeting. Each company should consider these options and decide which could improve their budgeting process. Budgeting has many benefits that we can continue to capture and build upon.

This online budgeting course starts by outlining the benefits and challenges of budgeting. Throughout this course, I'll provide tips and alternative budget systems that can mitigate these challenges and capture more benefits.

Next, you'll learn or revisit some foundational concepts for budgeting. I'll build on these to show the pros and cons of later budgeting tips, ideas, and alternatives.

The master budget is a collection of many sub-budgets. I'll show how these fit together to form an aligned plan to achieve a company's strategic goals. There's a method to the madness of when different types of assumptions and calculations are layered into the budget. However, the process is not entirely sequential. It abounds with iterative loops.

The third section walks step-by-step through the budget formation process. The purpose and role of the budget can best be explained in the context of strategic planning. We'll explore which analyses can be done throughout the year to take pressure off the very busy budgeting season. Some lessons cover the nuts and bolts of budget reporting and budgeting tools.

I'll explore a series of budgeting alternatives in the final section of the course. We'll look at rolling forecasts, zero-based budgeting, activity-based budgeting, and many others. We'll also look at operating without a budget. Each alternative has pros and cons that I'll list.

Each lesson in this section gives an overview of the budget alternative to help you decide whether you want to pursue that alternative further. Even if you don't fully adopt these alternatives, you can find ideas to improve your budgeting process.

The online budgeting course concludes by revisiting budgeting process challenges and how the tips and alternatives presented in the course can address or mitigate those challenges.

The course author has been the CFO, SVP of Finance, or Director of Operations of companies with just a few employees to companies with $3 billion in assets and hundreds of employees. He's led, facilitated, or participated in the budgeting process many times.  

Better Budgeting: Budgeting for Better Decisions (10 Hrs)
Recent Searches
No recent searches found.
Similar Courses

Here is the outline of the AI in accounting and finance course:

  1. The history of ChatGPT and Large Language Models (including about me)

  2. Why it is essential for forward-thinking accounting firms

  3. The shortcomings

  4. How you benefit from ChatGPT

  5. The best use cases (in overview)

  6. How to set up your account and use ChatGPT

  7. Prompt engineering and why it is so important

  8. Setting up your custom instructions – the most powerful feature

  9. Ways to improve your practice management, get help with client communications, and an introduction to your new marketing assistant for powerful practice growth

  10. More powerful use cases and advanced features

In more detail here are the sections:

1. The Genesis of ChatGPT and Large Language Models

  • Trace the evolution of ChatGPT and its significance to the accounting profession.

  • Differentiate between ChatGPT and other language models.

  • Illustrate the core features that make ChatGPT unique.

2. The Accounting Revolution: Why ChatGPT Is Your Firm's Future

  • Explain the competitive edge ChatGPT provides to accounting firms.

  • Illustrate the efficiency and accuracy benefits of integrating ChatGPT.

  • Adopt strategies to seamlessly integrate ChatGPT into daily operations.

3. The Other Side: Pitfalls of Relying Solely on ChatGPT

  • Identify potential challenges and shortcomings of using ChatGPT.

  • Strategize methods to mitigate these challenges in professional scenarios.

4. The ChatGPT Advantage: Unveiling Your Secret Weapon

  • Harness the transformative potential of ChatGPT for your firm.

  • Quantify the ROI of incorporating ChatGPT into business operations.

  • Position ChatGPT as a reliable assistant in your workflow.

5. ChatGPT in Action: Real-world Applications for Accountants

  • Evaluate practical scenarios where ChatGPT excels.

  • Integrate ChatGPT in specific accounting tasks for improved efficiency.

  • Deliver innovative solutions using ChatGPT to tackle accounting challenges.

6. Step by Step: Setting Up and Unleashing ChatGPT's Potential

  • Execute a smooth setup of your ChatGPT account.

  • Navigate and utilize core functionalities for optimal results.

  • Implement best practices for best results.

7. The Art of Prompt Engineering: Why It's the #1 skill you must master

  • Craft precise prompts to retrieve accurate and relevant responses.

  • Tailor prompts for specific accounting tasks and challenges.

  • Innovate in prompt creation to achieve best results for complex queries.

8. Mastering Custom Instructions: Turbocharging Your ChatGPT Experience

  • Design effective custom instructions for specialized tasks.

  • Enhance user experience and results with personalized settings.

  • Deliver solutions faster with well-crafted instructions.

9. Getting practical with use cases

  •  Elevate practice management through ChatGPT-assisted strategies.

  • Elevating Client Relations: ChatGPT as Your Communication Partner

  • Leverage ChatGPT for innovative and impactful marketing campaigns.

10. ChatGPT Power-Plays: Diving Deeper into Advanced Use Cases

  • Creating value for clients with strategic insights

  • How to use ChatGPT for data analysis

  • ChatGPT Plus and advanced functionality

Please Note: This ChatGPT for accountants course’s author is working on providing transcripts, PDFs, and slides where applicable. Unfortunately, until then we will not be able to offer them with this AI in accounting and finance course but felt the course was valuable enough as it is so have chosen to include it on our site. Our sincere apologies for any inconvenience and please let us know any questions using the support bubble on the bottom right of all pages on our site.

ChatGPT for Accountants: Mastering the AI Revolution in Accounting and Finance (Video) (3 Hrs)

Budgeting consumes a massive amount of time and resources. It's a stressful and busy time.

Are there ways to improve the effectiveness of the investment we make in the budget process? Can we make better budgeting decisions that lead to higher performance?

There are options within and beyond traditional budgeting. Each company should consider these options and decide which could improve their budgeting process. Budgeting has many benefits that we can continue to capture and build upon.

This online budgeting course starts by outlining the benefits and challenges of budgeting. Throughout this course, I'll provide tips and alternative budget systems that can mitigate these challenges and capture more benefits.

Next, you'll learn or revisit some foundational concepts for budgeting. I'll build on these to show the pros and cons of later budgeting tips, ideas, and alternatives.

The master budget is a collection of many sub-budgets. I'll show how these fit together to form an aligned plan to achieve a company's strategic goals. There's a method to the madness of when different types of assumptions and calculations are layered into the budget. However, the process is not entirely sequential. It abounds with iterative loops.

The third section walks step-by-step through the budget formation process. The purpose and role of the budget can best be explained in the context of strategic planning. We'll explore which analyses can be done throughout the year to take pressure off the very busy budgeting season. Some lessons cover the nuts and bolts of budget reporting and budgeting tools.

I'll explore a series of budgeting alternatives in the final section of the course. We'll look at rolling forecasts, zero-based budgeting, activity-based budgeting, and many others. We'll also look at operating without a budget. Each alternative has pros and cons that I'll list.

Each lesson in this section gives an overview of the budget alternative to help you decide whether you want to pursue that alternative further. Even if you don't fully adopt these alternatives, you can find ideas to improve your budgeting process.

The online budgeting course concludes by revisiting budgeting process challenges and how the tips and alternatives presented in the course can address or mitigate those challenges.

The course author has been the CFO, SVP of Finance, or Director of Operations of companies with just a few employees to companies with $3 billion in assets and hundreds of employees. He's led, facilitated, or participated in the budgeting process many times.  

Better Budgeting: Budgeting for Better Decisions (10 Hrs)
Suggested Courses

Here is the outline of the AI in accounting and finance course:

  1. The history of ChatGPT and Large Language Models (including about me)

  2. Why it is essential for forward-thinking accounting firms

  3. The shortcomings

  4. How you benefit from ChatGPT

  5. The best use cases (in overview)

  6. How to set up your account and use ChatGPT

  7. Prompt engineering and why it is so important

  8. Setting up your custom instructions – the most powerful feature

  9. Ways to improve your practice management, get help with client communications, and an introduction to your new marketing assistant for powerful practice growth

  10. More powerful use cases and advanced features

In more detail here are the sections:

1. The Genesis of ChatGPT and Large Language Models

  • Trace the evolution of ChatGPT and its significance to the accounting profession.

  • Differentiate between ChatGPT and other language models.

  • Illustrate the core features that make ChatGPT unique.

2. The Accounting Revolution: Why ChatGPT Is Your Firm's Future

  • Explain the competitive edge ChatGPT provides to accounting firms.

  • Illustrate the efficiency and accuracy benefits of integrating ChatGPT.

  • Adopt strategies to seamlessly integrate ChatGPT into daily operations.

3. The Other Side: Pitfalls of Relying Solely on ChatGPT

  • Identify potential challenges and shortcomings of using ChatGPT.

  • Strategize methods to mitigate these challenges in professional scenarios.

4. The ChatGPT Advantage: Unveiling Your Secret Weapon

  • Harness the transformative potential of ChatGPT for your firm.

  • Quantify the ROI of incorporating ChatGPT into business operations.

  • Position ChatGPT as a reliable assistant in your workflow.

5. ChatGPT in Action: Real-world Applications for Accountants

  • Evaluate practical scenarios where ChatGPT excels.

  • Integrate ChatGPT in specific accounting tasks for improved efficiency.

  • Deliver innovative solutions using ChatGPT to tackle accounting challenges.

6. Step by Step: Setting Up and Unleashing ChatGPT's Potential

  • Execute a smooth setup of your ChatGPT account.

  • Navigate and utilize core functionalities for optimal results.

  • Implement best practices for best results.

7. The Art of Prompt Engineering: Why It's the #1 skill you must master

  • Craft precise prompts to retrieve accurate and relevant responses.

  • Tailor prompts for specific accounting tasks and challenges.

  • Innovate in prompt creation to achieve best results for complex queries.

8. Mastering Custom Instructions: Turbocharging Your ChatGPT Experience

  • Design effective custom instructions for specialized tasks.

  • Enhance user experience and results with personalized settings.

  • Deliver solutions faster with well-crafted instructions.

9. Getting practical with use cases

  •  Elevate practice management through ChatGPT-assisted strategies.

  • Elevating Client Relations: ChatGPT as Your Communication Partner

  • Leverage ChatGPT for innovative and impactful marketing campaigns.

10. ChatGPT Power-Plays: Diving Deeper into Advanced Use Cases

  • Creating value for clients with strategic insights

  • How to use ChatGPT for data analysis

  • ChatGPT Plus and advanced functionality

Please Note: This ChatGPT for accountants course’s author is working on providing transcripts, PDFs, and slides where applicable. Unfortunately, until then we will not be able to offer them with this AI in accounting and finance course but felt the course was valuable enough as it is so have chosen to include it on our site. Our sincere apologies for any inconvenience and please let us know any questions using the support bubble on the bottom right of all pages on our site.

ChatGPT for Accountants: Mastering the AI Revolution in Accounting and Finance (Video) (3 Hrs)

Budgeting consumes a massive amount of time and resources. It's a stressful and busy time.

Are there ways to improve the effectiveness of the investment we make in the budget process? Can we make better budgeting decisions that lead to higher performance?

There are options within and beyond traditional budgeting. Each company should consider these options and decide which could improve their budgeting process. Budgeting has many benefits that we can continue to capture and build upon.

This online budgeting course starts by outlining the benefits and challenges of budgeting. Throughout this course, I'll provide tips and alternative budget systems that can mitigate these challenges and capture more benefits.

Next, you'll learn or revisit some foundational concepts for budgeting. I'll build on these to show the pros and cons of later budgeting tips, ideas, and alternatives.

The master budget is a collection of many sub-budgets. I'll show how these fit together to form an aligned plan to achieve a company's strategic goals. There's a method to the madness of when different types of assumptions and calculations are layered into the budget. However, the process is not entirely sequential. It abounds with iterative loops.

The third section walks step-by-step through the budget formation process. The purpose and role of the budget can best be explained in the context of strategic planning. We'll explore which analyses can be done throughout the year to take pressure off the very busy budgeting season. Some lessons cover the nuts and bolts of budget reporting and budgeting tools.

I'll explore a series of budgeting alternatives in the final section of the course. We'll look at rolling forecasts, zero-based budgeting, activity-based budgeting, and many others. We'll also look at operating without a budget. Each alternative has pros and cons that I'll list.

Each lesson in this section gives an overview of the budget alternative to help you decide whether you want to pursue that alternative further. Even if you don't fully adopt these alternatives, you can find ideas to improve your budgeting process.

The online budgeting course concludes by revisiting budgeting process challenges and how the tips and alternatives presented in the course can address or mitigate those challenges.

The course author has been the CFO, SVP of Finance, or Director of Operations of companies with just a few employees to companies with $3 billion in assets and hundreds of employees. He's led, facilitated, or participated in the budgeting process many times.  

Better Budgeting: Budgeting for Better Decisions (10 Hrs)
Course Details

The New Lease Standard - ASU 2016-02 and Other Amendments (10 hour version) (Course Id 2194)

New / QAS / Registry
  Add to Cart 
Author : Steven C Fustolo, CPA, MBA
Course Length : Pages: 201 ||| Word Count: 60,553 ||| Review Questions: 50 ||| Final Exam Questions: 50
CPE Credits : 10.0
IRS Credits : 0
Price : $89.95
Passing Score : 70%
Course Type: NASBA QAS - Text - NASBA Registry
Technical Designation: Technical
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 2194

Description :

The purpose of this course is to review the changes made to lease accounting by ASU 2016-02, Leases, (as further amended by ASU 2018-01, Land Easement- Practical Expedient for Transition to Topic 842, and numerous other amendments), 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.

This course also addresses newly issued ASU 2023-01, Leases (Topic 842)- Common Control Arrangements, addressing the application of the lease standard to common control arrangements.

Usage Rank : 23333
Release : 2024
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 : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 09-Nov-2023
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 - Text - NASBA Registry - 2194

Keywords : Accounting, New, Lease, Standard, ASU, 2016-02, Amendments, 10, hour, version, 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
  • Identify how an entity accounts for a common control lease arrangement under ASU 2023-01
  • 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 - The New Lease Standard - ASU 2016-02 and Other Amendments

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 Payments - Lessee

D. Lease Term and Purchase Options- Lessee

Review Questions

E. Short-Term Leases- Lessee

F. Subsequent Measurement and Accounting for Leases- Lessee

G. Other Recognition and Measurement Issues- Lessees

H. Lease Modifications - Lessee

I. Subsequent Reassessment of Lease Elements- Lessee

J. Financial Statement Presentation Matters- Lessee

K. Disclosures by Lessees

Review Questions

VIII. Lessor Rules

A. Lease Classification

B. Amendments made to Lessor Rules since ASU 2016-02

C. Accounting for Sales-Type Lease- Lessor

D. Accounting for a Direct Financing Lease

E. Accounting for Operating Leases- Lessor

F. Disclosure- Lessor Leases

Review Questions

IX. Transition and Effective Date Information

A. General- Existing Leases

B. Transition to New Lease Standard

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

Case Study for Implementation of ASU 2016-02

Glossary

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