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The Bottom Line on the New Lease Accounting Requirements

Monday, April 21
 9:00am - 1:00pm

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4.00 Credits

Member Price $213.00

Non-Member Price $261.00

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.

  • 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 $261.00

    Member Price $213.00