(headline) Do you know which leases are within the scope of FASB ASC 842, Leases and how to apply the new financial accounting, financial reporting and disclosure requirements of this new major standard?
This webcast addresses those questions by examining the core principles of the standard, including identification, recognition, measurement, presentation and disclosure requirements. Examples with journal entries are included to illustrate how to apply the standard.
Additionally, you will learn:
– The lessee accounting model, including lease classification, amortization of the right-of-use asset, and interest on the lease liability
– The lessor accounting model, including transfer of risk, profit recognition and collectability
– Short-term leases, purchase options, variable lease payments, and sale and leaseback transactions
– The business context of implementing the new standard by identifying key factors for managing this significant change
– Recognize arrangements which meet the scope requirements for lease accounting under FASB ASC 842
– Lease classification
Experience in application of accounting standards
Accountants and finance professionals