Accounting  |  Format: Flash

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

Course Overview:
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. ASC 2016-02 replaces the current lease topic in the FASB Codification, ASC 840, Leases. ASC 2016-02 profoundly changes the way lessees account and disclose their leasing activity and makes conforming changes to lessor accounting and disclosures with ASC 606, Revenue.

ASC 2016-02 is effective for calendar periods beginning on January 1, 2019 for public business entities and January 1, 2020 for all other entities. This program describes the accounting and disclosure guidance in ASC 2016-02 and includes illustrated examples of the accounting for leases by lessees and lessors.

Learning Objectives:
After completing this program, the program participant should be able to:

  • 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 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 standard
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    Catalog Number: 99FLE33-tx
    CPE Credits: 2 Registry / 2 QAS
    Authors: John M. Fleming, CPA, MBA
    Mark Mishler
    Prerequisites/
    Advanced Preparation:
    Basic knowledge of accounting for leases
    Course Level: Basic
    Field of Study: Accounting
    Content Partner: SmartPros Ltd.
    QAS: QAS Certified based on 50 minute hours.
    Course Type: Self-Study
    Minimum Passing Grade: 70%
    Soft/Hardware Reqs.:  Adobe Acrobat® Reader for the .pdf files
     Adobe® Flash® Player 9 or higher
     56k or Greater Internet Connection
     Modern DHTML Compatible Browser
     Ram: 256 MB minimum
     Windows or Mac OS
    Release/Expiration Dates: Jun 06, 2016 / Jul 01, 2020

     

     

     

     

     

     

    http://education.smartpros.com/includes/cpe/coursedetail.asp?CPECatalogID=25565&CourseID=17328