How to Account and Audit under the New Leasing Standard (Completed)
Date: Monday, October 16, 2023
Instructor: Salvatore Collemi
| Begin Time: |
12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time |
| CPE Credit: |
2 hours for CPAs |
|
The new leasing standard (ASC Topic 842) became effective for audits of private companies on January 1, 2022. Question: Will you be able to properly account and audit such transactions?
This session is designed to provide external auditors with practical and insightful perspectives on how to account and 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
- Learning about ASC Topic 842, Leases, particularly the FASB's new take on how operating leases will now be recognized on the balance sheet as well as the new presentation and disclosure requirements and practical application and how to properly audit them.
Learning Objectives
- Explain the FASB's new leasing standard requirements
- Describe and discuss the new accounting and reporting requirements of leases
- Discuss which audit procedures to perform
- 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
