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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

4
Anonymous Author
Good reading to get up to date on the leasing standard and how to account for the changes.
5
Anonymous Author
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!
3
Member's Profile
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.
5
Anonymous Author
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.
5
Anonymous Author
The document was well written and contained good examples. The arrangement of the material was easy to follow and well thought out.
4
Member's Profile
I enjoyed the self study approach. It would be 5 stars if the journal entries and T accounts were included for learning purposes.
5
Member's Profile
The content is detailed out properly. Asset under construction was perhaps a topic I was not able to relate with examples
5
Anonymous Author
Thorough course on leases, very in depth especially if you don't spend a lot of time working on leases in practice.
5
Anonymous Author
Great to see an updated ASC 842 presentation - thanks Kelen. The examples are easy to work through and understand.
5
Member's Profile
Good content. Covers the main topics. Just suggest including slides/video as the basis material as opposed to PDF
2
Anonymous Author
Good information, but I would have benefited a lot by less overall coverage and more examples of what was covered
5
Member's Profile
Excellent material. Would have been helpful to have it presented, especially for the walk-through of examples.
5
Member's Profile
Definitely a great source of information to refresh or get yourself familiar with the lease changes happening.
5
Anonymous Author
Great course to better understand the new leasing standards from both a lessee and lessor perspective.
5
Member's Profile
This course has lots of detailed information. Good to keep as reference for understanding later.
4
Anonymous Author
good material and example to help understand the ASC 842, review question and testing are good
5
Anonymous Author
Detailed review of the new lease standard. Excellent material to prepare for implementation.
4
Anonymous Author
Very helpful in understanding lease accounting guidelines and differences between IFRS/ASC.
5
Anonymous Author
this was a great refresher for the new lease standard. ...................................
5
Member's Profile
Very informative, liked the questions and how they aligned with the training material.
5
Anonymous Author
Lots of helpful examples. Good layout. Will definitely be referencing in the future.
5
Anonymous Author
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3
Member's Profile
No video presentation but the document provided is well written and put together.
5
Anonymous Author
Great course - very relevant for accounting and today's environment. Thank you.
5
Anonymous Author
Very comprehensive section on this complex topic. Thank you for the lesson!
5
Member's Profile
This was a great, comprehensive course that covered all relevant topics.
5
Anonymous Author
It was great experience to understand the new lease accounting standard.
4
Member's Profile
A video presentation would have been helpful to augment the paper.
5
Anonymous Author
Very comprehensive detailed explanation of the new lease standard.
4
Anonymous Author
Good overview, and made highly technical information pretty clear.
5
Anonymous Author
Appreciate having the thorough text to refer to in the future!
5
Anonymous Author
Concise. Subject matter was relevant and direct.
5
Anonymous Author
I enjoyed the course, and I found it very informative.
5
Member's Profile
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 .
Course Syllabus
SUPPORTING MATERIAL
  PDFASC 842 The New Lease Accounting Standards
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM