more
Kelen Camehl, CPA
Kelen Camehl is a recognized author and reviewer of CPE courses and has authored nearly 200 CPE credit hours of courses on a range of accounting, auditing, financial reporting, regulatory, and ethics topics.
This instructor has 16 courses »To Access This Course:
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: June 22, 2021
16 Reviews (60 ratings)Reviews
Anonymous
(CFO)
The document was well written and contained good examples. The arrangement of the material was easy to follow and well thought out.
Anonymous
()
Excellent course, very thorough and a great introduction to the new lease accounting standard. The handout is well-written and provides great examples along with plenty of detail for each area of the new standard. Highly recommended course!
Paul Cargill
(Director, Finance at Gilead Sciences, Inc.)
Thorough written materials and good examples. The sale and leaseback section was a bit challenging as there was little explanation of the rules and simply two examples provided. Also, there were a couple typos in the material.
Athena Pallares
(SEC Reporting Manager at Dexcom)
I enjoyed the self study approach. It would be 5 stars if the journal entries and T accounts were included for learning purposes.
Anonymous
(Controller)
Great to see an updated ASC 842 presentation - thanks Kelen. The examples are easy to work through and understand.
Vinicius Bravo Ferreira
(Senior Manager at World Fuel Services)
Good content. Covers the main topics. Just suggest including slides/video as the basis material as opposed to PDF
Jennifer Hubbard
( at Scribcor Global Lease Administration)
This course has lots of detailed information. Good to keep as reference for understanding later.
Anonymous
()
good material and example to help understand the ASC 842, review question and testing are good
Christopher Dolan
( at Angelo, Gordon)
Very informative, liked the questions and how they aligned with the training material.
Anonymous
()
....................................................................................
Ross Connor
( at HVAC Incorporated)
No video presentation but the document provided is well written and put together.
Anonymous
(-)
Very comprehensive section on this complex topic. Thank you for the lesson!
Rand McMullin
(Consultant at DLC Group)
A video presentation would have been helpful to augment the paper.
Anonymous
(Sr Financial Reporting Analyst)
Very comprehensive detailed explanation of the new lease standard.
Anonymous
(Accounting Manager)
Appreciate having the thorough text to refer to in the future!
Anonymous
()
Concise. Subject matter was relevant and direct.
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 .