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Course Details

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 lessees 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


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


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