Financial Reporting Issues

ASU 2016-02: Lease Accounting - An Overview

Course Overview
This course provides an overview of the new lease accounting standards issued by the FASB in 2016. This includes the considerations for identifying whether a contract contains a lease, the transactions in scope of the new standards, as well as both lessee and lessor lease classification and measurement principles. Additionally, the course also provides an overview of the presentation and disclosure requirements for lease transactions.

Learning Objectives:

After completing this course, the course participant should be able to:

  • Identify whether a contract contains a lease.
  • Identify transactions within the scope of the new lease accounting standards.
  • Differentiate between finance and operating lease classifications.
  • Apply the measurement and subsequent measurement principles for leases.
  • Recognize the principles with respect to sale and leaseback transactions.
  • Identify the presentation and disclosures requirements for both lessees and lessors.
  • Identify the effective date of the new lease accounting standards.

  • Speaker / Author:

    John M. Fleming, CPA, MBA, is currently the Director, Content Development for SmartPros LTD, a division of Kaplan Professional Education. SmartPros is an international educational and training company specializing in accounting, finance and ethics educational programs. John previously served as President and Director of Accounting and Auditing for LOSCALZO ASSOCIATES, a division of SmartPros for twenty-eight years. John retired as President of Loscalzo Associates on January 1, 2014.

    John’s prior practice experience includes audit, tax, consulting, office management, and human resource responsibilities with Deloitte LLP, Richard Eisner & Company LLP, and Ernst & Young LLP. John is a graduate of LaSalle and Drexel Universities with degrees in accounting and finance.

    John, a Pennsylvania CPA, served as the 1999/2000 President of the 8,300 member Greater Philadelphia Chapter of the Pennsylvania Institute of Certified Public Accountants (PICPA) and currently serves as a member of the Institute’s Accounting and Auditing Technical Committee. In 2006, the PICPA recognized John as a Joseph E. Sterrett Fellow for his contributions to the accounting profession and in 2007, the Philadelphia Chapter recognized John with their Champion Award for his contributions to the PICPA, Chapter, profession and community. John has also served as the 2002/2003 President of the American Accounting Association’s Mid-Atlantic Region.

    John and his wife Marge live in Medford, New Jersey.


    Price (USD)

    Standard: $49.90


    Course Code : 99FLE32

    Release Date : 05/02/2016
    Expire Date : 07/01/2020
    Credits :
    CPE 2.00
    QAS 2.00

    Length : 1hr 40min
    Course Level : Basic
    Course Type : Self-Study
    Passing Grade : 70%
    Format Type : eLearning
    Mobile Compatible
    Field Of Study : Accounting

    Theme : Financial Reporting Issues

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