FMN Accounting

FMN - 2021/June, Seg 2 - Topic 842 Leases - Are You Ready?

In February 2016, the FASB issued new authoritative guidance on accounting for leases. The new guidance is commonly referred to as Topic 842, which is a reference to the Leases topic of the FASB Accounting Standards Codification®. All reporting entities that prepare financial statements in accordance with U.S. GAAP must adopt Topic 842 as a replacement for previous GAAP on accounting for leases. Leases are one of a company's most significant costs that can directly impact business operations as well as valuation. Joe Fitzgerald, senior vice president of Lease Market Strategy at Visual Lease, discusses the impact of leases on the balance sheet based on the new standard, the underlying risks when leases are neglected or not accounted for, and what to look for when evaluating lease software.

Learning Objectives:

  • Understand the requirements when transitioning to Topic 842 and the definitions of Day 1 and Day 2;
  • Identify the underlying risks when leases are not properly managed;
  • Recognize the challenges in adopting Topic 842, and the lessons learned from public companies; and
  • Determine the key considerations when evaluating lease software.


Prerequisites/Advanced Preparation:

Work experience in financial reporting or accounting, or an introductory course in accounting.


Speaker / Author:

Joe Fitzgerald, Senior Vice President of Lease Market Strategy at Visual Lease.

Details

Course Code : FMN1401-FM

Release Date : 06/08/2021
Expire Date : 01/14/2023
Credits :
CPE 2.00
QAS 2.00

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


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