Author : | Steven C Fustolo, CPA, MBA |
Course Length : | Pages: 201 ||| Word Count: 60,553 ||| Review Questions: 50 ||| Final Exam Questions: 50 |
CPE Credits : | 10.0 |
IRS Credits : | 0 |
Price : | $89.95 |
Passing Score : | 70% |
Course Type: | NASBA QAS - Text - NASBA Registry |
Technical Designation: | Technical |
Primary Subject-Field Of Study: | Accounting - Accounting for Course Id 2194 |
Description : | The purpose of this course is to review the changes made to lease accounting by ASU 2016-02, Leases, (as further amended by ASU 2018-01, Land Easement- Practical Expedient for Transition to Topic 842, and numerous other amendments), and to establish the principles that lessees and lessors shall apply to report useful information to users of financial statements about the amount, timing, and uncertainty of cash flows arising from a lease. Topics include a review of the new rules for lessees and lessors, the types of leases, how to account for the balance sheet, income statement and cash flows statement impacts of different types of leases, the implementation requirements, and more. This course also addresses newly issued ASU 2023-01, Leases (Topic 842)- Common Control Arrangements, addressing the application of the lease standard to common control arrangements. |
Usage Rank : | 23000 |
Release : | 2024 |
Version : | 1.0 |
Prerequisites : | Basic understanding of U.S. GAAP and existing lease accounting. |
Experience Level : | Overview |
Additional Contents : | Complete, no additional material needed. |
Additional Links : |
Capital Lease
|
Advance Preparation : | None. |
Delivery Method : | QAS Self Study |
Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
Revision Date : | 09-Nov-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 - NASBA Registry - 2194 |
Keywords : | Accounting, New, Lease, Standard, ASU, 2016-02, Amendments, 10, hour, version, cpe, cpa, online course |
Learning Objectives : |
Course Learning Objectives After reading the course material, you will be able to:
|
Course Contents : | Chapter 1 - The New Lease Standard - ASU 2016-02 and Other Amendments I. Background II. Basic Concepts of ASU 2016-02 A. General Rules Review Questions III. Introduction IV. Definitions used in ASU 2016-02 V. Scope and Scope Exceptions VI. Identifying a Lease Review Questions VII. Lessee Rules A. Lease Classification - Lessee B. Initial Measurement of Lease- Lessee C. Lease Payments - Lessee D. Lease Term and Purchase Options- Lessee Review Questions E. Short-Term Leases- Lessee F. Subsequent Measurement and Accounting for Leases- Lessee G. Other Recognition and Measurement Issues- Lessees H. Lease Modifications - Lessee I. Subsequent Reassessment of Lease Elements- Lessee J. Financial Statement Presentation Matters- Lessee K. Disclosures by Lessees Review Questions VIII. Lessor Rules A. Lease Classification B. Amendments made to Lessor Rules since ASU 2016-02 C. Accounting for Sales-Type Lease- Lessor D. Accounting for a Direct Financing Lease E. Accounting for Operating Leases- Lessor F. Disclosure- Lessor Leases Review Questions IX. Transition and Effective Date Information A. General- Existing Leases B. Transition to New Lease Standard X. Leases: Sale and Leaseback Transactions XI. Leases: Leveraged Lease Arrangements Review Questions XII. Impact of Changes to Lease Accounting XIII. Impact of Lease Changes on Nonpublic Entities XIV. Other Considerations- Dealing with Financial Covenants XV. Avoiding the New Lease Standard Review Questions Case Study for Implementation of ASU 2016-02 Glossary |