Lease Accounting - Making Sense of the Standard 26-27

Overview

This program makes sense of the controversial lease standard. The subtleties of the standard make it difficult to implement and monitor. There will be a detailed discussion on what constitutes a lease, how to monitor them, and ongoing challenges.

Highlights

• What control of assets constitute a lease
• Embedded leases
• Fixed and variable consideration
• Determining the lease term
• Modifications and assessments
• Related party leases
• Presenting leases on financial statements
• Components of calculating liabilities and rights of use

Prerequisites

None.

Designed For

CPAs and other financial professionals in public and private practice.

Objectives

• Understanding of application of the new lease standard.
• Recognize the differences between the old standard in Topic 840 and the new standard in Topic 842.
• Recognize the applicability of the standard and the challenges in identifying when a lease exists.
• Calculate and report lease liabilities and right-of-use assets
• Determine how to calculate the lease term, lease payments, and lease reclassifications.
• Identify the financial statement presentation of leases on the balance sheet, income statement, and statement of cash flow.

Preparation

Working knowledge of the topic.

Notice

This course is offered by a 3rd party vendor. Login instructions will not be accessible in the My CPE Tracker section of the ISCPA website. Login instructions will be emailed directly to you by California Education Foundation (CalCPA).