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

Accounting - Accounting for Course Id 1717

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. 

NASBA QAS - Text - Technical - NASBA Registry - 1717

Course Learning Objectives

• 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

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