How to Audit Under the New Leasing Standard (Completed)

Date: Wednesday, October 28, 2020
Instructor: Salvatore Collemi
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs

The revised effective date for private companies’ adoption of the new leasing standard (ASC Topic 842, Leases) is now January 1, 2022! Question: Will you be prepared to properly audit such transactions?

This session is designed to provide external auditors with practical and insightful perspectives on how to audit transactions under the Financial Accounting Standards Board’s (FASB) new leasing standard. You'll learn the new accounting and financial reporting requirements and how to substantively and analytically test them in accordance with Professional Standards.

Who Should Attend
Practitioners in public practice who conduct audits of privately-held organizations who have adopted ASC Topic 842.

Topics Covered

  • ASC Topic 842, Leases
  • FASB's new take on how operating leases will now be recognized on the balance sheet
  • New presentation and disclosure requirements
  • Practical application and how to properly audit them

Learning Objectives

  • Recognize the FASB's new leasing standard requirements
  • Identify the new accounting and reporting requirements of leases
  • Identify which audit procedures to perform
  • Recognize how to properly audit the transition requirements and initial adoption of the new standard

Level
Intermediate

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)

Program Prerequisites
General knowledge of ASC Topic 842 and AICPA Professional Standards.

Advance Preparation
None

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