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The New Lease Accounting Standards - v13 (Course Id 1717)

Updated / QAS / Registry
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Author : Kelen Camehl, CPA, MBA
Course Length : Pages: 37 ||| Review Questions: 20 ||| Final Exam Questions: 20
CPE Credits : 4.0
IRS Credits : 0
Price : $35.95
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 1717

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 : 2023
Version : 1.0
Prerequisites : None.
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 : 03-Mar-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 - Technical - NASBA Registry - 1717

Keywords : Accounting, New, Lease, Accounting, Standards, v13, 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

Course Overview

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

Recent Developments

Review Questions

Glossary

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