The Impact of Lease Changes: ASU 2016-02 (Currently Unavailable)

Author: Pat Patterson

Review new FASB Pronouncement ASU 2016-02, Leases (Topic 842) up to the date of the course. This presentation will inform participants of the latest issues from the FASB and the Private Companies Council regarding leases. The FASB and PCC agendas and projects are discussed for their expected applications in the lease field. The participants will hear about new FASB pronouncements and the impact on lessees and lessors. Any correlations to the IFRS and its new lease standard will be reviewed.

Publication Date: July 2017

Designed For
Professionals in public practice, industry, government, and education who deal with entities with or expecting to have leases and wish to stay current on professional accounting standards regarding leases.

Topics Covered

• New release(s) from the FASB
• New releases from the Private Companies Council (PCC)
• An advanced look at disclosure and documentation standards will be made for changes required by new FASB and PCC standards
• Further updates that impact on the accounting professional standards
• The five major changes about to happen to leases
• ASU 2016-02 Leases (Topic 842)
• Getting started with your lease project

Learning Objectives

• Identify the FASB pronouncements that may impact entities with leases or that expect to have or issue leases
• Evaluate the new Accounting Standards Codifications issued as ASU 2016-02 and other updates
• Recognize ideas for implementation plans for compliance with the new requirements
• Differentiate the new leasing standards and which ASC Topics are superseded
• Recognize the sequence of questions need to be considered when determining whether an arrangement contains a lease
• Identify principal differences from previous lease guidance
• Describe the requirements a transaction must meet within ASC Topics
• Identify the steps in getting started with a lease project
• Differentiate whether to apply a strategic or tactical approach when getting started with your lease project
• Recognize who is excluded from the new guidance prescribed by ASC 842
• Identify the assessments to be performed when determining whether or not a contract contains a lease
• Define the duration of a short-term lease
• Recognize what a lessee is required to report at the commencement date of a lease
• Differentiate the types of leases utilizing a single lease cost for income statement recognition
• Identify when the new lease accounting standards are effective for various entities
• Recognize the transition method applied under the new lease accounting standards

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
Familiarity with Generally Accepted Accounting Principles and Leases.

Advance Preparation
None