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This course provides an overview of the new lease accounting standard issued by the Financial Accounting Standards Board (FASB) prescribed within Accounting Standards Codification (ASC) Topic 842.

This includes a discussion of the reasons for the change, how to correctly identify a lease within a contract, and the overall recognition, measurement, subsequent measurement, and disclosure requirements. This course also provides examples of real-world disclosures as well as challenges faced by entities post-adoption.

Learning Objectives

  • Explore and determine whether an arrangement contains a lease.
  • Identify considerations with respect to substitution 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 requirements related to lease modifications.
  • Identify presentation and disclosure requirements for both lessees and lessors.
Last updated/reviewed: May 26, 2022

4 Reviews (21 ratings)Reviews

5
Anonymous Author
Thorough course on lease accounting and reporting, not light subject matter. Very informational.
4
Member's Profile
The course content is useful for reference in practical implementation of ASC 842
5
Anonymous Author
Very high level summary - good CPE, but wouldn't rely as definitive guidance.
5
Member's Profile
this is a great resource to help me implement the standard

Prerequisites

Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
SUPPORTING MATERIAL
  PDFASC 842 Lease Accounting & Reporting - What You Need to Know
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM