The new effective date for private companies’ adoption of ASC Topic 842, Leases is now January 1, 2022! Question: Are you prepared? Designed for CPAs, accountants, auditors, CEOs, CFOs, controllers, financial statement preparers, this course provides a practical overview of the understanding of the FASB’s new leasing guidance. The course provides a brief overview as well as additional guidance, best practices, presentation, and disclosures. The new leasing standard could impact existing contract terms, tax planning strategies, budgets, debt covenant compliance, incentive compensation plans, etc. In other words, this new standard is much more than an accounting issue, it’s a business issue! As such, it is critical that all practitioners, in both public accounting and business and industry, begin their review and preparation for implementing ASC Topic 842 as soon as possible!
Publication Date: August 2020
Designed For
CPAs, accountants, auditors, CEOs, CFOs, controllers, financial statement preparers and others seeking guidance on how to implement the new leasing standard.
Topics Covered
- ASC Topic 842, Leases
- FASB's new take on how operating leases will now be recognized on the balance sheet
- Lessee Lease Recognition and Measurement
- Lease Modifications
- The new presentation and disclosure requirements and practical application
- Qualitative Disclosures — Lessors
- Transition Requirements
- Sample Journal Entries
Learning Objectives
- Recognize and apply the FASB's new leasing standard
- Identify the new accounting and reporting requirements of leases
- Describe the new presentation and disclosure requirements
- Recognize how to provide the transition requirements and practical application of initial adoption of the new standard
- Identify the criteria for a finance lease
- Describe what initial direct costs include
- Identify quantitative disclosures for lessees
- Recognize the requirements regarding financial statement presentation for the lessee under ASC 842
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Accounting (2 hours)
Program Prerequisites
Experience in U.S. GAAP and financial reporting
Advance Preparation
None
Instructor
Salvatore Collemi
Salvatore A. Collemi, CPA is the Managing Member and Founder of Collemi Consulting and Advisory Services, LLC where he relies on over two decades of global business experience to guide U.S. and International public accounting firms, litigation attorneys, valuation experts, the C-suite and related institutions that support the profession in order to promote and enhance audit quality.
His practice provides outsourced high-level strategic and technical accounting & auditing guidance. Services include a full range of U.S. and International accounting & auditing consultations, technical reviews of financial statements and workpapers, AICPA Peer Review & PCAOB Inspection preparation, perform internal inspections, customized CPE training, independence & ethics consultations, etc. Salvatore is also a keynote speaker at company retreats and conferences. His past work experience at the U.S. Securities and Exchange Commission and the AICPA, combined with his previous roles as external auditor and technical partner to both national and international public accounting firms, gives him a keen understanding into the mindset of both regulators and standard-setters that he shares with his clients.
As a recognized subject matter expert on International Financial Reporting Standards (IFRS), Salvatore was named by the AICPA as an official participant in the development and review of IFRS questions for the Uniform CPA Examination and served as the IFRS Expert-at-Large for the AICPA Board of Examiners Content Committee from 2011-2014. Salvatore also served as AICPA liaison to the International Federation of Accountants (IFAC) Transnational Auditors Committee and Global Peer Review Subcommittee to assist in the development of their international quality assurance review program.
For more information about Salvatore, visit Collemi Consulting & Advisory Services, LLC and LinkedIn.