The Bottom Line on the New Lease Accounting Requirements

Overview

FASB ASC 842, Leases explained
Understanding lease fundamentals is essential to applying FASB lease requirements appropriately. As such, you’ll delve into key concepts that define what a lease is, as well as basic lease accounting topics, such as:

Contracts containing leases

Lease classification

Amortization of the right-of-use asset

Impairment considerations

Lease presentation and disclosure requirements
Comprehensive examples and case studies will guide you through approaches to help you adopt accounting guidance for FASB ASU 2023-01. You'll also review the presentation and disclosure requirements, and other topics, including:

Lease versus non-lease components

Sales-type lease

Direct financing lease

Operating lease

Lease terminations

Objectives

Recognize arrangements which meet the scope requirements for lease accounting under FASB ASC 842.
Recognize accounting requirements for lease modifications under FASB ASC 842.
Recognition presentation requirements for lessees and lessors under FASB ASC 842.
Identify the recognition criteria for sales-type, direct financing, and operating leases.

Highlights

Lease classification

Amortization of the leased asset

Derecognition of the underlying asset

Recognition of lease receivables

Lease modifications

Sale and leaseback transactions

Designed For

Accountants and finance professionals

Prerequisites

Experience in application of accounting standards

Notice

You will receive an email from the AICPA with instructions to access the webinar.

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Daryl Krause

Leader Bios

Daryl Krause

Daryl G. Krause, CPA

Daryl has CPA certifications in several Midwestern states. Since 2008, Daryl has been a frequent CPE program leader/facilitator for the AICPA, Surgent, the Indiana CPA Society, and other state societies throughout the United States, as well as for in-house programs sponsored by firms and organizations. He was recognized as a Surgent Outstanding Discussion Leader during the 2023, 2021, 2020, and 2018 CPE seasons. He was also a recipient of a 2021 Outstanding Facilitator Award issued by the AICPA & CIMA. He is experienced in both live and virtual CPE training delivery. He has served in a variety of parts in the CPE delivery process, including performing technical content reviews, serving as author and contributing author to programs and technical publications, presenting webcasts for video recordings, and monitoring rebroadcasts of such webcasts. Daryl founded DG Krause LLC in 2005. DG Krause LLC performed employee benefit plan audit services from April of 2005 through October of 2023. Daryl served as the primary performer of these engagements as well as serving as the sign-off partner. Previously, he enjoyed 23 years of diversified responsibilities with Ernst & Young. Daryl served as an auditor for many industries, including manufacturing, construction, real estate, and financial services. Daryl’s roles included Ohio Valley Area Director of Employee Benefit Plan Services (in which he was responsible for overseeing the audit services provided to over 500 ERISA employee benefit plans each year for an eight-year period) and senior manager in the Entrepreneurial Services group. As a senior manager in EY’s National Professional Development group for a five-year period, he was involved in designing, developing, and delivering core curriculum Audit and Entrepreneurial Services CPE training programs for the entire U.S. practice. Mr. Krause holds a Bachelor of Business Administration degree in accounting from the University of Wisconsin-Oshkosh.

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