Instructor for this course
more

This course provides an in-depth overview of the new lease accounting standards issued by the Financial Accounting Standards Board (FASB) in February 2016. This includes a discussion of the primary reasons for the change as well as how to identify a lease within a contract.

This course also provides an in-depth review of lease classification, initial measurement, subsequent measurement, presentation & disclosure, as well as transition requirements. The course concludes with a discussion of some of the significant differences between IFRS 16 (the IASB’s new lease accounting standard) as well as private company considerations.

Learning Objectives

  • Recognize how the new leasing standard has evolved and how the new standard is organized.
  • Discover and 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 the 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.
Last updated/reviewed: November 1, 2020

2 Reviews (7 ratings)Reviews

5
Anonymous Author
Great to see an updated ASC 842 presentation - thanks Kelen. The examples are easy to work through and understand.
5
Anonymous Author
Very comprehensive section on this complex topic. Thank you for the lesson!

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 - The New Lease Accounting Standards
REVIEW AND TEST
  quizREVIEW QUESTIONS:
 examFINAL EXAM: