Examining ASC 842, Leases: More Than Meets the Eye WEBCAST
Overview
Implementing ASU No. 2016-02, Leases (Topic 842) is sure to have a major impact on your balance sheet and potentially on your business as well. This course is a one-stop shop for what you need to know about the now-effective changes to the lease accounting guidance. In this course, we will review how to measure the lease liability and right-of-use asset that will now be recorded on the balance sheet for all leases. We will also tackle the tricky issues of accounting for lease modifications and other lease remeasurement events as well as address the other major provisions of ASC 842, such as disclosures and transition. We will also review the income statement treatment of lease expense for all leases for both lessees and lessors and discuss recent FASB implementation guidance. Lastly, the course will cover all recent updates to the originally issued guidance in Topic 842, including that related to discount rates. With Topic 842’s effective date here, now is the time to get up to speed on this complex new standard.
Highlights
ASU No. 2016-02, Leases (Topic 842). Overall lease accounting guidance. Lessor Accounting 101. Lessee Accounting 101. Detailed review of accounting by lessees and lessors. Sale and leaseback transactions. Transition guidance. Other operational issues. Recently issued updates to the lease accounting guidance. FASB guidance on accounting for COVID-19-related rent concessions. Feedback from the public company adoption of Topic 842.
Prerequisites
Experience in financial accounting and reporting.
Designed For
Practicing CPAs and their staffs, both in public accounting and business and industry – controllers, accountants, and other financial accounting personnel involved in financial statement preparation and review.
Objectives
Comprehend and apply the FASB’s comprehensive new lease accounting guidance found in ASU No. 2016-02, Leases (Topic 842). Recall operational issues in adopting the new lease accounting standard.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Wayne Wells, AICPA Learning
Wayne Wells graduated from Austin Peay State University in Clarksville, Tennessee in 1970, with a Bachelor of Science Degree in Accounting and Economics. Mr. Wells began his career in public accounting in 1970 with the national firm of what was then Touche, Ross & Co. in Nashville, Tennessee. In 1974, he joined a local accounting firm in Nashville. This firm provided accounting, auditing and tax services to small and medium size businesses as well as extensive tax services to individuals. After a total of over 45 years experience, he is today a Principal with Blankenship CPA Group, PLLC in Brentwood, Tennessee. Mr. Wells has conducted numerous seminars in accounting, auditing, fraud and taxation. He holds a Certified Public Accountant certificate in Tennessee, and is also a Certified Fraud Examiner. Mr. Wells is a member of the Tennessee Society of Certified Public Accountants, the American Institute of Certified Public Accountants, and the Association of Certified Fraud Examiners. He is a recipient of the 2013 Outstanding Discussion Leader Award from The Tennessee Society of CPAs and the 2014 Outstanding Discussion Leader Award from The AICPA. Wayne is the Treasurer of Our Savior Lutheran Church and Academy. He and his lovey wife have been blessed to be married for 25 years and they share 3 sons. Other than spending time with his family, he enjoys his work and seminars.
Non-Member Price $200.00
Member Price $175.00