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Leases: Mastering the New FASB Requirements

Monday, December 2
 9:00am - 5:00pm

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8.00 Credits

Member Price $332.00

Non-Member Price $403.00

Overview

FASB ASC 842, Leases, standards decoded
By learning essential information about lease accounting requirements, you’ll understand the core principles of the standards and how to apply them. You’ll explore topics, such as:

  • Identification
  • Recognition
  • Measurement
  • Presentation and disclosure requirements

    Deliberate application of lessee accounting model
    You'll also learn about classifying leases, the amortization of the right-of-use asset, and the interest on a lease liability. Additional topics include:
  • Short-term leases
  • Purchase options
  • Variable lease payments
  • Sale and leaseback transactions
  • Leveraged leases

    Objectives

    • Recognize arrangements which meet the scope requirements for lease accounting under FASB ASC 842.
    • Recognize lessee accounting requirements for operating leases and finance leases under FASB ASC 842.
    • Recognize lessor accounting requirements for sales-type, direct financing and operating leases under FASB ASC 842.
    • Recognize accounting requirements for lease modifications under FASB ASC 842.
    • Recognize accounting requirements for sale and leaseback transactions under FASB ASC 842.
    • Recognize presentation requirements for lessees and lessors under FASB ASC 842.

    Highlights

  • Lease classification
  • Amortization of the lease asset
  • Derecognition of the underlying asset
  • Recognition of lease receivables
  • Lease modifications
  • Sale and leaseback transactions
  • Presentation and disclosure requirements

    Designed For

  • Accountants and finance professionals

    Prerequisites

    Experience in application of accounting standard

    Notice

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

  • Leader(s):

    Leader Bios

    Daryl Krause

    Daryl G. Krause, CPA DG Krause LLC / Indianapolis, Indiana Mr. Krause has CPA certifications in several Midwestern states. He practices public accounting as manager and CEO of his regional CPA firm, DG Krause LLC, headquartered in Indianapolis, Indiana. Founded by Daryl in 2005, DG Krause LLC has been a member of the AICPA’s Employee Benefit Plan Audit Quality Center since 2005, and performs employee benefit plan audit services, for which Daryl serves as the sign-off partner. Since 2008, Daryl has been a frequent CPE program leader/facilitator for the AICPA, Surgent, the Ohio Society of CPAs, Indiana CPA Society, and other state societies throughout the United States of America, as well as in-house programs sponsored by firms and organizations. He was recognized as a Surgent Outstanding Discussion Leader during the 2018 CPE season. He has performed technical reviews during the development of certain AICPA CPE programs, and has been chosen periodically to instruct CPE programs for the AICPA’s own professional staff. He has been the author (and webcast presenter for the 8-hour program) of the AICPA’s primary 8- and 4-hour CPE programs Leases: Mastering the New FASB Requirements and The Bottom Line on the New Lease Accounting Requirements for each year since 2018. He is a contributing author to the AICPA’s CPE Direct Journal of Accountancy quarterly materials. Previously he enjoyed 23 years of diversified responsibilities with Ernst & Young. Industries he served as an auditor included manufacturing, construction, real estate, and financial services. 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 8-year period) and senior manager in the Entrepreneurial Services group. As a senior manager in EY’s National Professional Development group for a 5-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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    Non-Member Price $403.00

    Member Price $332.00