Financial Reporting Issues

Lease Accounting and Disclosures Based on ASU 2016-02 - Leases (Topic) 842

In February 2016, FASB issued ASU 2016-02, Leases (Topic) 842. This ASU follows almost ten years of discussion and outreach by the FASB to arrive at a more transparent lease standard that would primarily reflect on the statement of financial position the long-term asset and liability commitments made by a lessee. Topic 842 replaces the legacy lease topic in the FASB Codification, Topic 840, Leases. Topic 842 profoundly changes the way lessees account and disclose their leasing activity

Learning Objectives:

  • Identify whether a contract contains a lease
  • Identify transactions within the scope of the new lease accounting standard
  • Differentiate between finance and operating lease classifications
  • Apply the measurement and subsequent measurement principles for lessees
  • Identify the presentation and disclosures requirements for lessees
  • Identify the effective date of the new lease accounting standard


Prerequisites/Advanced Preparation:

Basic knowledge of accounting for leases


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.

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Price (USD)

Standard: $49.90

Details

Course Code : 99FLE33-tx-v2

Release Date : 11/02/2020
Expire Date : 11/30/2022
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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