Unusual Lease Accounting Issues: Disclosures, Cancellations, Dispositions, & Statement Presentation

Author: Pat Patterson

CPE Credit:  2 hours for CPAs

This course will first define whether there is or is not a lease. If there is a lease, is it a finance lease or an operating lease? Depending on the type of lease, this course will detail what disclosures are required, how to make the correct disclosures, handle cancellations and dispositions, and make the correct decisions for financial statement presentations

Publication Date: May 2019

Designed For
Any professional with clients or employers that are lessees and need to know the correct accounting based on the latest pronouncements from the Financial Accounting Standards Board (FASB)?

Topics Covered

  • Lease definition
  • Finance or operating lease?
  • Recording initially of the asset and liability depending on the type of lease
  • What disclosures are required by GAAP
  • What is the correct procedures for handling cancellations and dispositions?
  • What about lease extensions?
  • What are the correct present value percentages?

Learning Objectives

  • Describe lease standards and receive a review
  • Identify disclosures for leases by Lessee
  • Describe cancellations and dispositions by Lessee
  • Recognize and apply lease presentation by Lessee in financials
  • Identify when payments should be classified within the financing activities section of an entity's statement of cash flows
  • Identify the core principle of the new ASC 842
  • Recognize the transition approach to ASC 842
  • Identify ASU standards and how they apply
  • Differentiate the new lease standard disclosure objectives and how they apply
  • Describe correct statements with respect to presentation of leases
  • Recognize what the FASB sought to increase which of the following among organizations in issuing the new lease standard
  • Describe operating leases
  • Identify what happens when a lessee is permitted to make an accounting policy election by class of underlying asset to for short-term leases

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
General understanding of lease accounting.

Advance Preparation
None

Registration Options
Quantity
Fees
Regular Fee $62.00

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