How to Account and Audit under the New Leasing Standard
Author: Salvatore Collemi
| 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 course 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.
Publication Date: October 2023
Designed For
Practitioners in public practice who conduct audits of privately-held organizations who have adopted ASC Topic 842.
Topics Covered
- Introduction
- Overview
- Accounting Under ASC Topic 842
- Auditing Under ASC Topic 842 for Clients - Lessees
Learning Objectives
- Explain the FASB's new leasing standard requirements
- Describe and discuss 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
- Identify a type of cost that would not have been incurred if the lease had not been obtained
Level
Intermediate
Instructional Method
Self-Study
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
