Lease Accounting: Making Sense of a Difficult Standard

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.

Objectives

• To gain an understanding of application of the new lease standard.
• To know the differences between the old standard in Topic 840 and the new one in Topic 842.
• To be able to recognize the applicability of the standard and the challenges in identifying when a lease exists.
• To know how to calculate and report lease liabilities and right-of-use assets
• To understand how to calculate the lease term, lease payments, and lease reclassifications.
• To get the most up-to-date pronouncements in recently issued Accounting Standard Updates.
• To learn the financial statement presentation of leases on the balance sheet, income statement, and statement of cash flow

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

Designed For

CPAs in public and private practice

Preparation

None

Notice

To access this program, log into your CTCPA account at https://www.ctcpas.org/my-cpe/upcoming and click on the orange "Launch Event" button.