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| Author : | Kelen Camehl, CPA, MBA |
| Course Length : | Pages: 28 ||| Review Questions: 6 ||| Final Exam Questions: 10 |
| CPE Credits : | 2.0 |
| IRS Credits : | 0 |
| Price : | $17.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - Technical - NASBA Registry |
| Primary Subject-Field Of Study: | Accounting - Accounting for Course Id 1710 |
| Description : | This course provides an overview of the new lease accounting standard issued by the Financial Accounting Standards Board (FASB) prescribed within Accounting Standards Codification (ASC) Topic 842. This includes a discussion of the reasons for the change, how to correctly identify a lease within a contract, and the overall recognition, measurement, subsequent measurement, and disclosure requirements. This course also provides examples of real-world disclosures as well as challenges faced by entities post-adoption. |
| Usage Rank : | 0 |
| Release : | 2021 |
| Version : | 1.0 |
| Prerequisites : | None. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Operating Lease
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 12-Dec-2022 |
| 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 - Technical - NASBA Registry - 1710 |
| Keywords : | Accounting, Lease, Accounting, Reporting, Need, Know, cpe, cpa, online course |
| Learning Objectives : |
Course Learning Objectives
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| Course Contents : | Chapter 1 - Lease Accounting and Reporting - What You Need to Know Course Learning Objectives Course Overview Introduction Effective Dates for the New Standard Why Was a Change Necessary? High Level Summary of ASC 842 Step One – Do you have a Lease? Lease Existence - Illustrative Examples Lease Classification for a Lessee Short Term Leases Recognition and Measurement Lease vs. Nonlease Components Measuring the Lease Payment Determining the Lease Term Measuring the Right-of-Use Asset & Lease Liability Determining the Discount Rate Review Questions Subsequent Measurement Requirements Finance Leases Operating Leases Illustrative Example – Lessee Accounting Lessor Accounting Lease Modifications Sale and Leaseback Transactions Assets under Construction Review Questions Presentation Requirements Balance Sheet Income Statement Statement of Cash Flows Financial Statement Disclosures Lessee Disclosures Lessor Disclosures Transitioning to the New Standard Practical Expedients Alternatives Provided to Private Companies Example Lease Disclosures Example 1 – HP, Inc. Example 2 – McDonald’s Corporation Example 3 – Apple Inc. Example 4 – The Home Depot, Inc. ASUs Released After the New Standard Post-Adoption Challenges Review Questions Glossary of Key Terms |
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