Presented by Miles Hutchinson this course provides an overview of post implementation issues and lessons learned from the new lease standard (ASC 842) and the new credit losses standard (ASC 326). The new lease standard was effective for calendar year public business entities in the first quarter of 2019 whereas the new credit losses standard is effective one year later in January 2020. Each of these standards, since their respective initial release dates, have been subject to additional clarifying accounting standard updates as well as additional guidance provided by various standard setters and other impacted stakeholders.
Publication Date: May 2020
Topics Covered
- Part 1 — New Lease Standard
- Part 2 — Credit Losses Standard
- Post-Implementation Challenges & Lessons Learned
Learning Objectives
- Identify the overall requirements related to the new lease standard
- Recognize key lessons learned related to implementation of the new lease standard
- Identify key requirements and guidance related to the new credit losses standard
- Recognize best practices for implementation of the new credit losses standard
- Identify impacts to both standards as a result of the COVID-19 pandemic
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Accounting (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Kelen Camehl
Kelen is a recognized author and reviewer of CPE courses and has authored over 145 courses (350 CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. His courses are available for purchase from many online CPE providers including the AICPA. Kelen remained involved in CPA exam content development for nearly 10 years and authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s "Journal of Accountancy".
Kelen has nearly 20 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Advisor with HP. Prior to HP, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors.