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Joseph Ori, CEO, Paramount Capital Corporation
Former CFO and Chief Investment Officer. Senior leader at multiple real estate investment, financing and advisory firms. Completed more than $3,200,000,000 in real estate financial transactions. MBA, CPA, CFA, and adjunct
This instructor has 7 courses »To Access This Course:
This course provides a basic understanding of the new lease accounting rules pursuant to Accounting Standards Codification (ASC) Topic 842, Leases, issued in February 2016. ASC 842 makes substantial changes to the accounting for leases, primarily for the Lessee.
A lease conveys the right to the Lessee to control the use of the identified property, plant, or equipment for a period of time in exchange for consideration to the Lessor. For the Lessee, leases are either Finance leases or Operating leases. The Lessee will record a right of use asset and lease liability for all leases with a term greater than one year. A Finance lease must meet one of five requirements, four of which are similar to prior capital lease accounting. If a lease is not a Finance lease, it’s an Operating lease. Most leases of equipment will be Finance leases and space leases will be Operating leases. For the Lessor, a lease is either an Operating lease, Direct Financing lease or Sales-Type lease. In general, the accounting for the Lessor has not changed substantially from the prior rules.
Accounting for leases from both the Lessee's and Lessor's perspective will be analyzed as well as lease straight lining, advantages and disadvantages of leasing, financial statement disclosure and the financial impact of the new rules.
Learning Objectives
- Discover the new accounting rules pursuant to Accounting Standards Codification (ASC) Topic 842, Leases.
- Explore the accounting for Finance and Operating leases for Lessees.
- Explore the accounting for Operating, Direct Financing, and Sales-Type leases for Lessors.
- Discover how to calculate right of use asset, lease liability, interest expense, and amortization of the leased asset.
- Discover specific examples of lease accounting for both Lessee and Lessor.
- Discover the concept of straight lining of leases.
- Recognize the advantages and disadvantages of leasing.
- Identify the new financial statement disclosures for leases.
Last updated/reviewed: November 24, 2020
184 Reviews (698 ratings)Reviews
Anonymous
(Consultant)
Good overview of the new lease accounting rules with examples to reinforce understanding. One of the exam questions, however, seems to provide an answer contrary to the information provided in the presentation slides. It states lessor accounting for an operating lease of rental space includes "A debit to leased asset and a credit to net investment in lease." as the correct answer. The slide presentation clearly indicates that the answer should be a dr. to cash and a cr. to rent income. I believe a dr. to cash and a cr. to rental income is the correct answer for lessor's operating lease. Why would one ever dr. a leased asset and cr. to net investment in lease?
Anonymous
(Manager, Conservatorship Operations)
Overall effective overview. Test focused more on whether one can perform calculations versus understanding the basics of new lease accounting rules and impact. Since it is a "101" course, I believe the concepts and impact are more important than the calculations. Instructor starts off the presentation very technical, with the information I wished to glean more in the impact and overview. For those in the business of lease accounting, this would be fine.
Wendi Finn
View Instructor Profile
I appreciated the update on accounting for leases. I have a CPA, but have worked primarily in security and compliance. The course was helpful to stay up to date with the evolution of Lease accounting. I wish the slides included all the formulas right there with the examples we walked through. I'm a visual learner so seeing the formulas right there with the values helps the calculations stick.
Anonymous
(Consultant)
The presentation needs to be updated. It is quite blend and hard to stay focus. I have no doubt that the presenter is quite knowledgeable, but he basically reads the slides. I do realize that it is an hour presentation, which needs to stay very basic; but there were a couple of slides that appears to be hurried and no additional explanation was given.
Anonymous
()
The presentation needs to be updated. It is quite blend and hard to stay focus. I have no doubt that the presenter is quite knowledgeable, but he basically reads the slides. I do realize that it is an hour presentation, which needs to stay very basic; but there were a couple of slides that appears to be hurried and no additional explanation was given.
Anonymous
(-)
I thought this provided a good overview of the new standard and the key changes to the former accounting standards. I don't think the questions in the final exam that required calculations are fair to those who don't have the tools handy. Questions on the actual guidance would have been more appropriate.
Edward Thill
(Consultant at None)
Material was solid but presentation included too much slide reading. Reference to each slide's number was unnecessary since presenter is driving the slide advancement. Additionally, as one Anonymous comment states, it appears that one Final Exam answer is graded in contrast to the materials presented.
Jay Bineau
( at Seigler & Tweedlie)
I think we should have a more examples of lessee lease and lessor journal entries for the finance lease and even the operating lease.
The examples should have been taken from many industries. Instructor included comments about action the Trump administration would take that I thought were superfluous
Huy Phan
(Revenue Accounting Lead at Novelis)
This is a very good introduction and summary of the new lease accounting standard, ASC 842. It does a nice job of walking through the actual transactions. However, the differences between the old and the new standard are not discussed in any detail. It would be nice to know exactly what has changed.
Anonymous
(unemployed)
Haven't done this in years and founds this to be a good refresher reflecting updates. I was able to follow along just fine except in one place (ROU for the straight line operating lease) where I needed to pause the video and try to back into the calculations by hand to understand the computation.
Anonymous
(Senior Accountant)
This course is outdated - effective dates of the new rule is incorrect.
What is the point of presenter just reading slides? There is no explanation for most of calculations. Text based material would be much more effective. The review quiz and final exam has only 3 and 5 questions respectively.
Anonymous
(Accounting Manager)
For being a 101 course I expected it to be a little more basic and explanatory. I felt like the instructor kept saying the same things over and over. Would have liked more examples on how to calculate amounts especially since two of the final exam questions were calculations.
Andrew Kreher
(Sr. Manager, Fixed Assets at Charter Communications)
Content was good. Course provided a good high level summary of the complex new lease accounting standards. The instructor's style was a bit difficult to listen to (straight reading of slides, constant mention of slide number and asking to move to the next slide, frequent "um/uh").
Anonymous
()
Overall the material provided was very helpful. The challenge I had was the pace of the program and that the slides were read. It would be good for people who are auditory learners and don't like to read. The slides are very helpful for reviewing the concepts presented.
Anonymous
(Accounting Solutions Senior)
Overall, I liked the course. I would like a little more explanation of some of the rules rather than just reading the slides. All accounting rules are written in very complex terms and I felt as though the instructor was merely reading the slides for most of the course.
Anonymous
(Accounting Manager)
I definitely think this course provides a good overview to the new lease accounting standards, however this course is just a high-level overview and personally for myself I need much more time and practice to truly understand it's complicity. But this is a good course.
Anonymous
(Sr. Fixed Asset Accountant Lead)
Learned a great deal of knowledge from this course and I thought the test at the end was challenging. I remembered some of this from past classes in school and this was a nice refresher course. The instructor was pretty detailed and easy to follow / understand..
Dan Villanueva
(Accountant at New York Times)
A great introductory course for the new lease accounting standard. Covers pretty much all of what I'm expecting for the course (overview of the new rules). As other students pointed out, the exam was too technical and also one question has 2 possible answers.
Anonymous
()
It would be more instructive to show the calculation for the ROU and Lease liability in the table format and then include the JE on the following slide. The amounts on the JE are not immediately determinable without calculating on excel.
Joshua Bourquard
(Accounting Manager Financial Reporting a.. at TPx Communications)
Great material with a lot of examples on the journal entry side for both sides of the equation but the pace is just too fast that it takes a another read through just bring it all in. But the calculations and why are very valuable.
Douglas Graham
(Treasury Manager at na)
Liked the entry, schedules. Anyone wanting to learn about basic lease accounting. I say that without knowing any advanced lease accounting, just assume it gets more complicated. Would be nice to get excel incorporated in here.
Anonymous
(Senior Accountant)
Although this is a 101 course, I struggled with the JE section of an Lease Straight Lining section on slides 40 - 42. It would be helpful to break it out more as everyone is still getting used to the change.
Thank you
Anonymous
(Accounting Manager: Statutory Reporting)
Provided a great overview and introduction into the world of ASC 842 from both sides (lessor accounting and lessee accounting). Really helped identify the trouble areas to be on the lookout for with the new standard.
Anonymous
(Assistant Controller)
It would really help to add the updates since we at the end of 2019 now. Also would be good to have more in depth courses on this site as this is a very big topic (as the speaker said as well).
Justin Farr
(Controller at Ncontracts)
the information was exactly what I was looking for. It went a little fast sometimes, so I had to pause a few times to read and understand the slides, but this is exactly what I was hoping for.
Thomas Hayes
(Clinical Associate Professor at University of Arkansas)
I like how well the course is organized. I'm surprised at how much I need to prep for teaching in my intermediate course. Anyone teaching intermediate accounting would benefit.
Anonymous
()
I thought this course was very thorough in explaining the accounting of leases for both the lessee and lessor and also how the new rules for lease accounting affect businesses.
Anonymous
(Vice President and Corporate Controller)
Good as/where I focused on content related to ASC 842. A lot is covered within an hour so may be quick for some. Tried not to be distracted minor points around presentation.
Juan Pozzi
(Financial Controller at Oracle)
Nice presentation with a valuable insight of the impact of this ASC in real world business, with considerations over financial ratios and possible effects on loan covenants.
Ramiro Campins
(Consultant at na)
I took the course on line while traveling and did not have a financial calculator with me. Showing the calculations for some of the latter modules should have been helpful.
Jeffrey Kirsch
(CFO / VP Finance at Kirsch CFO Advisor)
I enjoyed Joe Ori's summary of ASC 842. He was to the point and I really liked the financial impact slides as a result of implementing the new lease accounting rules.
Rhonda Daugherty
(retired at Daugherty)
I agree with the other reviewers that the exam focused too much on the actual result of a calculation of present value and not on the actual topic of lease accounting.
Anonymous
(VP Finance)
This a great course to get up to date on current lease accounting guidance. It's complicated and will be reviewing the slides a few times to make sure I get it.
Mary Oconnor
( at Scribcor Global Lease Administration)
Very analytical but was basically reading off the PowerPoint. A great deal of information packed in to the hour, could probably have been a 1.5 or 2.0 session
Erik Schendel
(Controller at Harry & David)
This is a good overall overview of the accounting requirements for ASC 842. It does a good job of highlighting the key items that you need to be aware of.
Anonymous
(Controller)
As others have commented I wish the presenter didn't read word for word from the slides. I bet he has some real world knowledge that he could have added.
Bryan Oliver
(Senior Accounting Analyst at UMB Financial Corporation)
I felt a little more discussion on the NPV of lease payments year over year to arrive at amortization of lease asset could have used some more discussion
Anonymous
(Director)
A very thorough discussion on the new accounting requirements. The examples made the learning a lot easier and help explain the various requirements.
Isaac DAlessandro
(Sr. Auditor at N/A)
This was a very good introduction course to the topic. However, I think a few additional examples would better assist in illustrating the rules.
Anonymous
()
The presentation was straight forward and clearly presented. Showing examples was good. Reading the slides is not the best presentation style.
Anonymous
(CFO)
Course was well structured. Examples were plentiful and well thought out. Found the review questions to be helpful and the test challenging.
Anonymous
(Sr. Director of Cost Management and Comp..)
Instructor primarily just read the slides. I would have preferred more discussion around the journal entries required for each lease scenario.
Anonymous
(Accounting Manager)
Very clear instructions for a complicated topic.I advise for anyone that needs to understand this all the way through to the journal entries.
Anonymous
()
This course is a good 101 overview course. The instructor goes really fast but the materials are helpful if you need to refer back to them.
Anonymous
(Controller)
The examples were relevant and easy to follow. Discussed the lessor and the lessee accounting and was relevant to my job as a Controller.
Anonymous
(Finance)
Graded quiz has too many calculation questions that are not necessarily helpful in understanding the conceptual requirements of ASC 842.
Anonymous
(Accounting Manager)
This course makes me realize there is a lot of work needed to review current lease agreements and determine how the new asc will apply.
Kylie Coker
(Senior Technical Accountant at Novelis, Inc.)
Great basic overview of ASC 842. Thankful to have the specific journal entries laid out, and discussion of disclosure requirements.
Ada Ramirez
(Consultant at Robert Half)
Really well explained overview with examples of journal entries. I liked that both the lessee and lessor's entries are demonstrated.
Lee Flick
(- at -)
I thought this was a good course on lease accounting. I would recommend it to anyone looking to learn more about lease accounting.
Anonymous
(Senior Assistant Controller)
I loved the high level explanation of ASC842. I am new to lease accounting and the easy to follow examples brought it live for me.
Anonymous
()
This course is an excellent introduction to Lease Accounting.Great slides with useful information and real life journal entries.
Roger Luchtefeld
(Controller at Mueller Prost)
My one issue was the presenter's pronunciation of a long 'e' on the first syllable of lessor and lessee. Very distracting to me.
Anonymous
(Program Management)
This is a great course. I used to avoid the new lease accounting because I thought it is difficult, but now I am more confident.
Lisa Kincaid
(Senior Accountant at intelligent RF Solutions)
Very detailed and informative. Some suggestion on sites to help with PV Calculation and disclosure samples would be beneficial.
Timothy Halliday
(Consulting Senior at EKS&H)
Very complex topic. Instructor did a good job of going over it but he could have been better about explaining the PV discounts.
SUSAN ARRINGTON
(AP SPECIALIST at COMMONWEALTH CAPITAL CORP)
I would have like to see the calculation of the final exam answers. I missed one, #5 and did not understand the correct answer.
Anonymous
(cfo - consultant)
One of the oldest FASB's still around - great refresher - all accounting personnel needs to know the 4 criteria - well covered.
Sherman Bamford
(Accountant at Carilion Clinic)
This course covers a lot of ground in a one hour period. Instructor made good use of examples and calculated amounts for each.
Anonymous
(Director, Governance)
Good time for this review - need a refresher on the calcs and change due to Accounting Standards Codification (ASC) Topic 842.
Anonymous
(Sr Director Consolidation)
Helpful content was presented. Also the examples with dollars really helped with the understanding of the concepts presented.
Anonymous
(Project Manager)
The information now is a bit out-dated. Primarily just read through the slides, and did not offer as much ad hoc commentary.
Sheila Mehta
(N/A at PSSI group)
Lease accounting has always confused me. I am not sure I learned much from this course as I am not sure its updated for 2020?
Johanna Gierl
(SOX at Cisco)
Thank you for the Lease Accounting 101, it was helpful to get a basis in lease accounting to understand the recent changes.
Simon Williams
(CFO at Australis Music)
Overall a decent overview but ambiguities (eg in advantages / disadvantages of leasing) meant it lacked clarity in places.
Anonymous
(Program Manager - Net Revenue)
Good information but the presenter just read the slides pretty much verbatim... Didn't seem to have much else to contribute
Melissa Hanson
(Associate Manager, Financing Services at Stryker)
I wish the calculations were show for PV of lease payments. Liked eh journal entries and real life examples. Good class.
Lilian Dendrinos
(consultant at DLC Group)
Excellent overview of the new rules. I especially liked the examples which reinforced my understanding of the lesson.
Allen Ramsay
( at Emergent Cold)
good but relatively simplistic overview. would like more detail in terms of cap leases. will look for further courses.
Anonymous
(Senior Associate - ATS)
great course but some of the journal entry calculations could have been better discussed/illustrated for understanding
Anonymous
()
High level overview. Good basics - goes quickly through material. Formulas for calculations would have been helpful.
Shirley M Jack
(Corporate Accounting and Cash Manager at Evergreen Packaging Inc)
I think that it should state that a calulator is needed to review some of the calculations presented in presentation.
Sherri Yokomizo
(Senior Assistant Controller at Oracle + NetSuite)
The calculations included in the test component were not beneficial - I would prefer to have the test cover concepts.
Anonymous
()
Good basic lease information, touches some at the end on new leasing standard, though information is not up to date.
Anonymous
()
This course what a little dry but the point got across so I am satisfied. The presenter was a little boring as well.
Karin Williams
(None at self)
Good overview. Wish there had been a table summarizing the accounting and disclosure requirements (a cheatsheet).
Andy Kelly
( at HCA)
Great course. Speaker was easy to follow and provided helpful insight into the new accounting for leasing rules.
Anonymous
(Senior Accountant)
I do not agree with the answer for question number 4. Is that not the correct answer for a lessor, not a lessee?
Anonymous
(Accounting Manager)
A good course to refresh your know-how about leasing topic. Informative, detailed yet concise. Worth the time.
Mahira Sheikh
(Accounting Manager at DLC Group)
Very relevant to today, in my last few positions, I've had to calculate the book impact of this new standard.
William Barnes
(VP Corporate Controller at In transition)
Solid 101 course. Would like to see a table added to the straight line section summarizing the five years.
Anonymous
(CFO)
Great explanations on a complex topic. Easy to understand with the examples given. Very helpful. Thank you!
Torin Campbell, CMA
(Controller at Form-A-Fab)
Good foundational information about accounting for leases that I'll keep in my files for future reference.
Anonymous
(-)
Not the most interesting or well-presented, but. The content is organized and meets the course objectives.
Anonymous
(Consultant)
The fundamentals were explained well. However, the straight-line rent expense entries were not explained.
Anonymous
()
This course is helpful for understanding ASC 842 and the changes in the codification. Great presentation.
Anonymous
()
The course is a little hard, and I think next time I would learn more better. Thanks for Joseph' work.
Pamela Gilbert
(Founder and Director at FutureFit)
Short and to the point. Good presentation. Also good that new proposed accounting rules discussed.
Anonymous
(Senior Assistant Controller)
The tables are very helpful to understand all the accounting entries needed each period. Well done.
Anonymous
(VP Technical Accounting)
Good update on new lease accounting. the annuity due term was not a term that I was familiar with
Anonymous
(Accountant II)
What you would expect for a foundation level course. The questions proved to be a nice refresher.
Mubing Liu
(Associate at Grant Thornton)
The course is easy to understand. Especially, the examples with the journal entries help a lot.
Barry Davis
(Tax Accountant at CP Kelco)
Good overview of lease accounting, and how to determine and treat the different types of leases.
Anonymous
(Senior Internal Auditor)
This course is very useful and beneficial to my job responsibility. I am glad to have taken it.
Christopher Quinn
(Risk Consulting Associate at RSM)
This course was too boring. The instructor was very monotone and read right off of the slides.
Thomas Tamura
(Consultant at Buxbaum HCS)
Difficulty calculating PV without a calculator. Overall a good refresher on lease accounting
Anonymous
(Consultant)
This ASC842 summary provides highlights and examples that are easy to understand and retain.
Patricia Meckes
( at CSMC)
Good by basic...wish there had been a little more focus on some of the implementation issues.
Anonymous
(Director, Financial Reporting)
This course provides a solid introduction into the fundamentals of the new lease standard.
John Caldwell
(Audit Senior at EKS&H)
Overall the course was great, but the sound quality wasn't as good as I would have liked.
Melissa N
(Accounting Manager at Anonymous)
Very knowledgeable instructor. I appreciate the walkthrough of actual accounting entries.
Simon Adell
(Chief Financial Officer at Undisclosed)
Toughest course I've taken her so far, but very comprehensive and very recent material.
Anonymous
(CPA)
I was glad that the course had the updated information on the new and upcoming changes.
Anonymous
(Controller)
Boring topic, but well presented by the author. Lease topics are not generally exciting
Chris Stephenson
( at The Stephenson Group)
The instructor did not explain how the amortization was calculated on slides 40 and 41.
Brett Pfuehler
(Lead Auditor at The Dow Chemical Company)
Simple topic breakdowns in short segments. Good summary and questions prior to test.
Sergio Pinto
(Assistant Controller at Oracle + NetSuite)
In simple word the instructor was able to pass the proper knowledge about the subject
Anonymous
()
Excellent detail and examples to work through both the NPV math and debits/credits.
Jimmy Hall
( at Consultant)
This module was very helpful in learning what is required to do lease accounting.
Lorna Fisher
(Retired Finance Professional with active.. at Retired and enjoying time to pursue pers..)
Content good however pace could have been a little slower with more examples.
Kevin Barnes
(- at Next Level Solar)
Provided a well rounded explanation and the considerations in lease accounting.
Christine Hennig
(Accountant II at Southwestern Energy)
There was a whole lot of slides, I would have liked more written out examples.
Anonymous
(Consultant)
Good simple overview, but did not have my financial calculator for the quiz.
Jessica Schmidt
(Compass Program Lead at Salo LLC)
I liked the examples and the descriptions and definitions used in the course.
Bette Shepherd
(CFO at D&S Green Services)
The instructor sped through the course and mostly just read from the slides.
Louis Giovachino
(student at University of Florida)
I did not like that the final exam seemed to require a financial calculator.
Julia Fretschl
(Consultant at DLC Group)
It was a clearly explained the topic and the financial impact of the changes
Anonymous
(Senior Accountant)
Good basic course, easy to follow. A bit outdated but will give you basics.
Anonymous
()
Good course as a refresher for auditors or as a beginning course for novice.
Steve Breault
(Controller at LTC Partners)
General review of lease accounting with examples that are easy to follow.
Anonymous
(Senior Consultant - Specialty Tax Servic..)
The pace was a little too fast, instructor basically just read the slides.
Janine Korovesis
(Controller at Google)
This course was a practical approach to learning accounting under ASC 842
Anthony Monti
(Manger of technical accounting at Duff and Phelps)
pretty good but needs a little more depth. Tested math more than concepts
Michael Ward
(Head of Global Internal Audit at Mylan)
The financial impact of the new lease rules was a very valuable section.
Anonymous
(Senior Accountant)
It was a good overview of the new lease accounting standard. Thank you.
Rob Foy
(CPA at KTM Solutions Inc)
This was a good course. I enjoyed learning more about Lease Accounting.
Anonymous
()
Decent summary of the new lease rules and overview of lease accounting.
Chamberlin Chamberlin
(Corporate Controller at NTS)
I do not think this provided a valuable course for this complex topic.
Anonymous
(Consultant)
Very Complex. Should have shown how the present values were calculated
Ara Toroyan
(Director - Financial Planning & Proc.. at NCCI Holdings, Inc.)
Very complicated accounting but a well taught class. Kudos to you.
Anonymous
(Sr Director of Accounting and Finance)
Great overview of the subject. Well laid out and easy to understand.
Anonymous
(Finance Leader)
Would like more charts and diagrams, very strictly text and tables.
Anonymous
(-)
Very concise and practical presentation. A great refresher course.
ERICA CARPER
( at a)
Great examples used to show the difference...what a pain to report.
Tim Philips
(Controller at Self)
Lease accounting is critical for finance staffs of mfg enterprises
Anonymous
(Financial Controller)
Great course. Provides a good overview of the new lease standard.
Anonymous
(Director of Finance)
Awesome overview - looking forward to implementing the new rule!
Anonymous
(Senior Accountant)
Great overview on a topic that I will have to address this year.
Victor Fuentes
(Manager at RSM)
good material. Controllers should take this, and internal audit
Jennifer Hubbard
( at Scribcor Global Lease Administration)
Very thorough but was not well presented; presented too quickly.
Anonymous
()
This was a helpful course regarding leases. I highly recommend
Nicole Goodwin
(Director of Chemistry, Stress & Repa.. at GSK)
Thanks for helping me better understand leases. Thanks again.
Steve Oroho
(Controller at DLH Holdings Corp)
Presenter read the slides and did not provide much commentary.
Anonymous
()
Great practical summary of lease accounting and current issues
Debra Salisbury
(controller at New Century Health)
I liked the examples used. The presenter was easy to follow.
Sheila Esposo
(NONE at NONE)
The course was short, informative and very well presented.
Ellen Hynes
(Financial Consultant at TSYS)
Good course. I like how the effect on KPI's was addressed.
Tanya Sweet
(Sr. Consultant, Audit at Carnival Corporation & PLC)
Be prepared with a finance calculator fir the final exam!
Anonymous
(Associate Director)
This course provided a good overview of Lease Accounting.
Anonymous
(Consultant)
Good overview of leasing. Clear and concise instructor.
Anonymous
()
good introduction into new standards on lease accounting
Sarah Nissen
(Compass Consultant at Salo LLC)
Great course to learn the basics about lease accounting.
Maya Walker
(VP Finance at Carnegie Technologies)
Great high-level presentation. Very effective overview.
Anonymous
(CPA, CFE, CGMA)
Nice course with great illustration of journal entries.
Bryan Chamberlain
(Controller at N/A)
The course was very informative and I really enjoyed it
Anonymous
()
Simple and straightforward introduction to Topic 842.
Anonymous
(Advisor)
This provides a simple, bare bones intro to ASC 842.
Anonymous
()
Good high level look at new lease accounting guidance
Brett Maxam
(CFO at SSP Innovations)
a great overview of the changes to lease accounting
Katherine Oster
( at IR)
I enjoyed the course, and the information was useful
Zane Long
(Internal Audit Director at Mylan)
I liked the general overview of the subject matter.
Anonymous
(-)
A lot packed in to a short course. very helpful!
Teresa Spector
(Not Provided at Elsevier)
the narrator just seemed to read fro the slides
Gene Sheets
(Tax and Cash Manager at OVEC)
Liked to keep up to date with new changes.
Rajeev Sahni
(Director - Capital (RWA) at UBS)
detailed information and good presentation
Anonymous
(Chair)
A complex course for introductory purposes
Antonio Crawford
(Senior Internal Auditor - Budget/Busines.. at Individual)
Very well explained, practical, succinct.
Theodore Zeck
(Certified Public Accountant at Theodore R. Zeck, CPA)
A lot of material for a one-hour course.
Anonymous
(CFO)
Good concise presentation of the basics
Anonymous
(Chief Financial Officer)
Not much you can do with Lease subject.
Anonymous
(Fiscal Officer)
i have learned through this course
Matt Osmundsen
(Director of Financial Planning at Baldwin Technology Company, Inc.)
Great course! Very informative.
Anonymous
()
Very informative.
David Farlett
(Chief Financial Officer at AFC Urgent Care)
Informative course
Gwen Clemings
(Production Revenue Accountant at Repsol)
Easy to follow.
Mary May
(Assistant Controller at Stephen Gould Corporation)
very informative
Anonymous
(Senior Director & Controller, Financ..)
welll presented
Anonymous
(SVP, Finance)
great resource
Anonymous
(Accountant)
That is great!
Amy Dyer
(Finance Director at Modern Pest Services)
good course
Anonymous
(attorney cpa)
Difficult
Patrenia McAbee
(Owner at McAbee Consulting)
Good
Ravi Patel
(Tax Accountant at Patel)
na
Qasim AlQattan
(Senior Internal Auditor at BCFC)
y
Prerequisites
Course Complexity: Intermediate
Prerequisite: Basic proficiency in US GAAP accounting
Advanced Preparation: None
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 .
I don't think the answer to question number 4 on the exam is correct. Lessor's entry for operating lease should be just dr cash/cr rental income, right???
You are correct and that is the answer choice D, debit cash and credit rent revenue.
What is the calculation for #5 question?
Since the rent payments are made at the beginning of the year, its an annuity due. The NPV is 6 payments of $20,000 discounted at10% or $87,105 plus the first payment of $20,000 or $107,105. In the real world space leases are paid monthly in advance but on a yearly basis would be an ordinary annuity and the ROU asset would be $97,368 (7 payments of $20,000 discounted at 10%).
If the lease terms are stated for monthly payments, how would the time value calculations would go?
Most time value of money calculations are done on an annual basis, therefore, just add up the monthly amounts over the year period and then calculate the present value or other amounts.