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This course is a general overview of the lease accounting changes to Financial Accounting Standard (FAS) 13 and International Accounting Standards (IAS) 16 & 17. It describes the upcoming changes and how you will record a real estate lease on your financial statements. It explains how the changes affect the Balance Sheet, Income Statement, and Cash Flow Statement. Finally, this course offers tips on how you can minimize the impact of the new rules. 

Learning Objectives

  • Identify key changes in how leases are recorded on the financial statements.
  • Discover key elements of the new lease accounting rules.
  • Recognize how to classify a lease under the new rules.
Last updated/reviewed: November 6, 2019

16 Reviews (68 ratings)Reviews

5
Member's Profile
I enjoyed the presentation. Although the topic was dry the presenter had quick little quips that would make you laugh. This was actually the best presentation I had on the subject. I feel much better about my understanding of the changes. Even the though it is at a basic level it provided enough informatin for me to be to understand more advanced lessons on the subject.
5
Member's Profile
Every once in a while you strike gold. As an Assistant Controller at my firm, this course provided perfect examples of how to effectuate the lease transition (operating vs. financing, IFRS vs. US GAAP, calculating interest expense, what to do with the existing deferred rent liability etc.). Gabe is fantastic and I look forward to taking his other courses.
5
Member's Profile
This was the best lease accounting training I've had since the standard changed. It was the perfect level of depth and I appreciated the examples and the suggestions for how to minimize the impact on the different statements.
5
Anonymous Author
The course provides an excellent detailed explanation of the differences between the two types of leases, as well as explain how leases should be treated before and after the changes are implemented.
5
Anonymous Author
Very detailed course that completely covers the lease scenarios for office space leasing. The course is high level, but the concepts can get seemingly complex and difficult to understand.
5
Member's Profile
Great overview of the changes to leases. The layout of the course was easy to follow and able to quick identify the key changes between the two types of leases.
5
Anonymous Author
This is a thoughtfully designed course that explains the changes as well as the differences in treatments between operating leases and finance leases
4
Anonymous Author
Decent overview of the new lease accounting rules. More explanation of the historical rules to provide context would be helpful.
5
Anonymous Author
I enjoy learning about the new lease accounting for leasees. The instructor made the subject interesting and easy to understand.
5
Member's Profile
Course material was well written and the instructor's explanations were clear and understandable
5
Anonymous Author
Presenter did avery good job explaining the new changes. Charts used were extremely helpful
5
Member's Profile
This was a very good overview of the new lease accounting process with excellent examples.
5
Member's Profile
Very good explanation of the changes as well as provided great examples.
5
Anonymous Author
Class was very informative and helpful for understanding the new rules.
4
Anonymous Author
This was a very helpful overview of the new Lease guidance.
5
Anonymous Author
I enjoyed the course and found it very informative.

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
INTRODUCTION AND OVERVIEW
  1:36Introduction to Overview of Lease Accounting Change
  2:14What are the FASB, IASB, GAAP & IFRS?
  5:30Common Terms & Rule Changes
  5:00Balance Sheet & Lease Example
  6:45Calculating Liability & Assets
  3:50How to Amortize Our Assets
  4:29Income Statement & Net Rent vs. Expenses
  5:51Cash Flow, TI & SEIs
  3:17Opertaing vs. Finance Lease & Sublease Loss
  4:53Sales Leaseback Transactions & Minimizing Balance Sheet Impact
  2:56Minimizing Income Statement & Conclusion
CONTINUOUS PLAY
  46:24Overview of Lease Accounting Change
Supporting Materials
  PDFSlides: Overview of Lease Accounting Change
  PDFOverview of Lease Accounting Change Glossary/Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM