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Course Details

The New Lease Accounting Standards (Course Id 1040)

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Author : Kelen Camehl, CPA, MBA
Status : Production
CPE Credits : 3.5
IRS Credits : 0
Price : $52.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 1040

Description :

This course provides an in-depth overview of the new lease accounting standards issued by the Financial Accounting Standards Board (FASB) in February 2016. This includes a discussion of the primary reasons for the change as well as how to identify a lease within a contract. This course also provides an in-depth review of lease classification, initial measurement, subsequent measurement, presentation & disclosure, as well as transition requirements. The course concludes with a discussion of some of the significant differences between IFRS 16 (the IASB’s new lease accounting standard) as well as private company considerations.

Usage Rank : 0
Release : 2016
Version : 1.0
Prerequisites : None.
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 : 12-Jul-2016
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 - 1040

Keywords : Accounting, New, Lease, Accounting, Standards, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

Upon completion of this course, you will be able to:
    • Recognize how the new leasing standard has evolved and how the new standard is organized
    • Determine whether an arrangement contains a lease
    • Identify considerations with respect to substitution rights and decision-making rights
    • Identify the criteria for the new finance lease and short-term leases
    • Recognize the new recognition and measurement requirements for both lessees and lessors
    • Identify the recognition criteria for sales-type, direct financing, and operating leases
    • Identify the overall requirements with respect to lease modifications
    • Identify the criteria used for sale and leaseback transactions
    • Identify the considerations with respect to a lessee’s involvement in construction of a leased asset
    • Identify the presentation requirements for both lessees and lessors
    • Recognize both qualitative and quantitative disclosure requirements for both lessees and lessors
    • Identify the effective date for the new lease accounting standards
    • Identify the significant differences between ASC 842 and IFRS 16
    • Recognize considerations of and alternatives provided to private companies
Course Contents :

Chapter 1 - The New Lease Accounting Standards

Course Learning Objectives

Introduction

What Drove the Change?

The Final Revised Standard

Standards Organization

Review Questions

 

Is an Arrangement a Lease?

Illustrative Examples – Determining Whether a Contract Contains a Lease

Lessee Lease Classification

Review Questions

 

Recognition and Measurement

Subsequent Measurement

Illustrative Example – Lessee Accounting

Lessor Accounting

Review Questions

 

Lease Modifications

Lease Modifications – Illustrative Examples

Sale and Leaseback Transactions

Sale and Leaseback – Illustrative Examples

Review Questions

 

Assets under Construction

Presentation Requirements

Disclosure Requirements

Review Questions

 

Transition Requirements

IFRS Differences

Private Company Considerations

Review Questions

 

Glossary

Accounting Course 1040 Home: https://www.cpethink.com/qas-cpa-courses
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