Review new FASB Pronouncement ASU 2016-02, Leases (Topic 842) up to the date of the course. This presentation will inform participants of the latest issues from the FASB and the Private Companies Council regarding leases. The FASB and PCC agendas and projects are discussed for their expected applications in the lease field. The participants will hear about new FASB pronouncements and the impact on lessees and lessors. Any correlations to the IFRS and its new lease standard will be reviewed.
Publication Date: June 2020
Designed For
Professionals in public practice, industry, government, and education who deal with entities with or expecting to have leases and wish to stay current on professional accounting standards regarding leases.
Topics Covered
- Selected Accounting Standards Updates (ASUs)
- Some Tax Considerations
- Financial and Metric Impact
- Impact on Lessors' Financials — Lessor Table
- Conclusions for the Future
Learning Objectives
- Identify updates to accounting standards for leases from the FASB
- Recognize a review of the impact that leases will have
- Identify FASB's focus on the future
- Describe which types of transition approach is generally used for the new lease standard
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Accounting (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Pat Patterson
Cecil Patterson, (Pat), CPA, MBA, is an award-winning, nationally recognized author, speaker, and discussion leader for continuing education courses and numerous state societies. He has experience at the local and national CPA-firm level and as an adjunct university professor.
Pat holds an MBA from the University of North Florida and is a CPA and owner of the firm of Cecil Patterson, CPA. His firm provides, accounting, tax preparation and tax planning services, wealth management services, and consulting for businesses and other professional firms.
Pat has served on the AICPA Council, the FICPA Council, and the FICPA Educational Foundation Board of Trustees.