Implementing the New Lease Standard ASU 2016-02 and Other Amendments
Author: Steven C. Fustolo, CPA
Electronic version only
The purpose of this course is to review the changes made to lease accounting by ASU 2016-02, Leases, (as further amended by ASU 2018-01, Land Easement- Practical Expedient for Transition to Topic 842), and numerous other amendments, and to establish the principles that lessees and lessors shall apply to report useful information to users of financial statements about the amount, timing, and uncertainty of cash flows arising from a lease. Topics include a review of the new rules for lessees and lessors, the types of leases, how to account for the balance sheet, income statement and cash flows statement impacts of different types of leases, the implementation requirements, and more.
With this 8-hour course you will:
- Get a 260-page PDF manual
- Recognize a key change made to GAAP by the new lease standard
- Identify a type of lease that exists for a lessee under ASU 2016-02
- Recall a type of lease for which the ASU 2016-02 rules do not apply
- Recognize some of the criteria that determine whether a contract is or is not a lease
- Identify some of the types of economic benefits a lessee can obtain from a leased asset
- Recognize a right that ASU 2016-02 states does not prevent a lessee from having the right to direct use of an identified asset
- Identify a threshold for a lease term to be considered a major part of an asset’s remaining economic life
- Recognize who an entity might not want to use the risk-free rate to compute the present value of lease payments
- Identify how a lessee should account for initial direct costs
- Recognize items that are and are not components of a lease term
- Recall the method a lessee should use to record interest expense on a lease obligation
- Identify types of leases for a lessor
Course level: Overview
General understanding of U.S. GAAP is required.
Want to order by phone? Call us at: (714) 776-7850
Spidell Publishing, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State Boards of Accountancy have the final authority on the acceptance of individual course for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. This self-study is designed to meet the requirements for 8 hours of continuing education for the California Board of Accountancy. Level: Overview. Field of Study: Accounting and Auditing. Delivery Method: Self-Study. For more information regarding administrative policies, such as complaints or refunds, contact Spidell Publishing at (714) 776-7850. Prerequisite: General understanding of U.S. GAAP is required.