This program makes sense of the controversial lease standard. The subtleties of the standard make it difficult to implement and monitor. There will be a detailed discussion on what constitutes a lease, how to monitor them, and ongoing challenges.
Learning Objectives
• Understanding of application of the new lease standard.
• Recognize the differences between the old standard in Topic 840 and the new standard in Topic 842.
• Recognize the applicability of the standard and the challenges in identifying when a lease exists.
• Calculate and report lease liabilities and right-of-use assets
• Determine how to calculate the lease term, lease payments, and lease reclassifications.
• Identify the financial statement presentation of leases on the balance sheet, income statement, and statement of cash flow.
Major Topics
• What control of assets constitute a lease
• Embedded leases
• Fixed and variable consideration
• Determining the lease term
• Modifications and assessments
• Related party leases
• Presenting leases on financial statements
• Components of calculating liabilities and rights of use
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