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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: August 30, 2018

1 Review (4 ratings)Reviews

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.

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?
  4:37Common 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
  45:31Overview 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