This course offers an in-depth look at the new leases standard (ASC 842), which requires organizations to recognize lease assets and liabilities on the balance sheet. This comprehensive course will cover recognition, measurement, presentation and disclosure requirements as well as focus the proper identification of a lease using a principles-based approach. We will discuss implementation requirements from both the lessee and lessor accounting models. In addition, we explore a variety of scenarios including short-term leases, purchase options, variable lease payments, and remeasurement.
This case-based course is up-to-date, exploring recently issued amendments to the lease accounting guidance, while also offering practical journal entry examples and lessons learned from implementation.
Publication Date: May 2020
Designed For
Accountants in public practice and industry.
Topics Covered
- What is a lease?
- Definitions
- Lessee Accounting
- Lessor Accounting
- Disclosures
- Effective Date & Transition
- Example Implementation
- Additional ASUs Impacting Leases
Learning Objectives
- Define a lease under the new leases standard
- Recognize and apply recognition and measurement requirements of the new leases standard
- Describe the presentation and disclosure requirements of the new leases standard
- Identify how to prepare journal entries necessary to account for leases as both a lessee and lessor
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Accounting (4 hours)
Program Prerequisites
Prior experience with Topic 842.
Advance Preparation
None
Instructor
Melisa Galasso
Melisa Galasso, CPA, is the founder of Galasso Learning Solutions LLC. With over 15 years of experience in the accounting profession, Melisa designs and facilitates courses in advanced technical accounting and auditing topics, including not for profit and governmental accounting. She also supports essential professional development, public speaking, and business skills. Melisa closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.
Melisa earned the Association for Talent Development (ATD) Master Trainer™ designation. She is a member of and frequent instructor for the American Institute of Certified Public Accountants (AICPA), the North Carolina Association of Certified Public Accountants (NCACPA), and the Virginia Society of Certified Public Accountants (VSCPA).
Melisa was appointed in 2016 to the AICPA’s Technical Issues Committee (TIC), which is responsible for monitoring the activities of the various accounting and attestation standard-setting boards and submitting comments and recommendations during the due process phase. Melisa is also currently serving on the Board of Directors for the VSCPA. Previously, she served as President of the Board of NCACPA’s Charlotte Chapter, Chair of the A&A Committee for the NCACPA, and held several leadership positions with the VSCPA.
Melisa received the 2013 Women to Watch – Emerging Leader Award from the NCACPA and AICPA. She is a graduate of the 2014 class of the AICPA’s Leadership Academy. In 2016, Melisa was honored as one of the 50 Most Influential Women by the Mecklenburg Times and received the Top 5 Under 35 Award from the VSCPA. She received a 5.0 Speaker award from the NCACPA in 2015, 2016 and 2017. In 2016, Melisa received the Don Farmer Award from the NCACPA for the highest combined average scores on knowledge, skills, and materials from participant evaluations for all courses taught in a technical area. Melisa is a 2017 and 2018 recipient of the AICPA’s Outstanding Discussion Leader award which is given to the top 10% of all AICPA facilitators around the country.
Prior to establishing Galasso Learning Solutions, Melisa worked in public accounting, industry, internal audit, and academia. She received a Bachelor of Science in Business Administration with a concentration in Accounting and International Business from Georgetown University.