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Kelen Camehl, CPA, MBA
Kelen Camehl is a recognized author and reviewer of CPE courses and has authored over 225 CPE credit hours of courses on a range of Accounting, Auditing, Financial Reporting, Regulatory, and Ethics topics.
This instructor has 50 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: May 13, 2022
34 Reviews (144 ratings)Reviews
Good reading to get up to date on the leasing standard and how to account for the changes.
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!
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.
The PDF is a great surface level overview for the person who is trying to learn at a high-level the ASC 842 standard. However, for more in-depth examples, I would turn to the firm guides for additional details.
The document was well written and contained good examples. The arrangement of the material was easy to follow and well thought out.
I enjoyed the self study approach. It would be 5 stars if the journal entries and T accounts were included for learning purposes.
The content is detailed out properly. Asset under construction was perhaps a topic I was not able to relate with examples
Thorough course on leases, very in depth especially if you don't spend a lot of time working on leases in practice.
Great to see an updated ASC 842 presentation - thanks Kelen. The examples are easy to work through and understand.
Good content. Covers the main topics. Just suggest including slides/video as the basis material as opposed to PDF
Good information, but I would have benefited a lot by less overall coverage and more examples of what was covered
Excellent material. Would have been helpful to have it presented, especially for the walk-through of examples.
Definitely a great source of information to refresh or get yourself familiar with the lease changes happening.
Great course to better understand the new leasing standards from both a lessee and lessor perspective.
This course has lots of detailed information. Good to keep as reference for understanding later.
good material and example to help understand the ASC 842, review question and testing are good
Detailed review of the new lease standard. Excellent material to prepare for implementation.
Very helpful in understanding lease accounting guidelines and differences between IFRS/ASC.
this was a great refresher for the new lease standard. ...................................
Very informative, liked the questions and how they aligned with the training material.
Lots of helpful examples. Good layout. Will definitely be referencing in the future.
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No video presentation but the document provided is well written and put together.
Great course - very relevant for accounting and today's environment. Thank you.
Very comprehensive section on this complex topic. Thank you for the lesson!
This was a great, comprehensive course that covered all relevant topics.
It was great experience to understand the new lease accounting standard.
A video presentation would have been helpful to augment the paper.
Very comprehensive detailed explanation of the new lease standard.
Good overview, and made highly technical information pretty clear.
Appreciate having the thorough text to refer to in the future!
Concise. Subject matter was relevant and direct.
I enjoyed the course, and I found it very informative.
I really liked being able to self-pace this course.
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 .