Lease Accounting & Reporting – What You Need to Know

This course provides an overview of the new lease accounting standard issued by the Financial Accounting Standards Board (FASB) prescribed within Accounting Standards Codification (ASC) Topic 842.  This includes a discussion of the reasons for the change, how to correctly identify a lease within a contract, and the overall recognition, measurement, subsequent measurement, and disclosure requirements.  This course also provides examples of real-world disclosures as well as challenges faced by entities post-adoption.    

Learning Objectives

Upon completion of this course, you will be able to:

·       Determine whether an arrangement contains a lease

·       Identify considerations with respect to substitution rights

·       Identify the criteria for the new finance lease and short-term leases

·       Recognize the new recognition and measurement requirements for both lessees and lessors

·       Identify the requirements related to lease modifications

·       Identify presentation and disclosure requirements for both lessees and lessors

Revision Date:12/202/2023

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
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