Leases and Credit Losses: Post Implementation and Lessons Learned

Author: Kelen Camehl

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