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Secure Transaction CPE Credits
4 Credits: Accounting
Course Level
Overview
Format
Self-Study
Course Description
The introduction of the new lease accounting standards by the Financial Accounting Standards Board (FASB) in 2016 has brought significant changes and challenges in lease accounting practices. This course offers a comprehensive solution to navigate these complexities. It provides a detailed overview of the reasons behind the changes, the process of identifying leases within contracts, and the intricate nuances of lease classification, initial and subsequent measurement, as well as presentation and disclosure requirements. The course also delves into the transition requirements and discusses the critical differences between IFRS 16 and the FASB’s standards, along with specific considerations for private companies. By demystifying the new leasing standards, this course equips participants with the expertise to adapt and comply with these changes, ensuring accurate and efficient lease accounting in line with the latest regulations.
Learning Objectives
Upon successful completion of this course, participants will be able to:
- Recognize how the new leasing standard has evolved and how the new standard is organized
- Determine whether an arrangement contains a lease
- Identify considerations with respect to substitution rights and decision-making rights
- Identify the criteria for the new finance lease and short-term leases
- Recognize the new recognition and measurement requirements for both lessees and lessors
- Identify the recognition criteria for sales-type, direct financing, and operating leases
- Identify the overall requirements with respect to lease modifications
- Identify criteria used for sale and leaseback transactions
- Identify the considerations with respect to a lessee’s involvement in construction of a leased asset
- Identify the presentation requirements for both lessees and lessors
- Recognize both qualitative and quantitative disclosure requirements for both lessees and lessors
- Identify the effective date for the new lease accounting standards
- Identify the significant differences between ASC 842 and IFRS 16
- Recognize considerations of and alternatives provided to private companies
Course Specifics
1203529
February 28, 2023
There are no prerequisites.
None
80
Compliance Information
CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)
CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.
Meet The Experts
Kelen is a recognized author and reviewer of CPE courses and has authored over 145 courses (350+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. Kelen remained involved in CPA exam content development for nearly 10 years and authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s Journal of Accountancy. Kelen has nearly 20 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Advisor with HP. Prior to HP, he served in multiple …
QAS Self-Study
