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Accounting for Leases


Total Credits: 2.6 including 2 Accounting - Technical, .6 Auditing- Technical

Average Rating:
   4
Categories:
ACPEN Industry Institute |  Accounting and Auditing |  Personal Development
Faculty:
Lynn Fountain
Course Levels:
Basic
Duration:
2.6 Hours
License:
Product Setting: Expires 30 day(s) after program date.

Dates
Please Note: Programs with a ☾ insignia begin after 5pm or air on the weekend.


Description

In February 2016, FASB issued ASU 2016-02, Leases, which provides new guidelines that change the accounting for leasing arrangements. To be able to properly account for leases, financial professionals must understand ASU 2016-02 (also referred to as Topic 842). This guidance covers information on how leases should be accounted for. The previous leasing standard (ASC 840) had been in existence for almost 40 years.

Under ASC Topic 842, lessors continue to classify leases as operating, direct financing, or sales-type. While lessees now classify leases as operating or financing leases. Previous guidance only required capital leases to be reflected on the BS. The new guidance requires all leases to be reflected on the BS. This is a major change for organizations and will cause their balance sheets to swell as leases must now be disclosed on the balance sheet.

The standards original effective dates were prior to 2019. In April 2020, due to COVID-19, FASB voted to defer the effective date for ASC 842 for private companies and certain not-for-profit's for one year. For private companies and private not-for-profits, the leasing standard will be effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. For public companies the leasing standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years.

The course covers elements of lease classification for both lessees and lessors. Also, numerous examples are incorporated as reference.

 

Basic Course Information

Learning Objectives
  • Identify the purpose and effective date of the updated lease standard
  • Recognize and understand the updated Topic 842 – Leases
  • Identify the types/classifications of leases for lessees/lessors
  • Explore how to account for a lessee’s operating and capital leases and required disclosures
  • Identify how to account for a lessor’s operating, direct financing, sales-type leases and required disclosures
  • Discover and understand Sale and leaseback issues

Major Subjects
  • Accounting
  • Finance
  • Financial Statement Preparation

Course Materials

Faculty

Lynn Fountain's Profile

Lynn Fountain Related Seminars and Products


Lynn Fountain has over 45 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.


Dates

Mon, Jul 29, 2024 - 04:00pm to 06:21pm EDT
Mon, Aug 12, 2024 - 10:00am to 12:21pm EDT
Fri, Aug 23, 2024 - 11:00am to 01:21pm EDT
Fri, Sep 06, 2024 - 12:00pm to 02:21pm EDT
Tue, Sep 17, 2024 - 02:00pm to 04:21pm EDT
Sat, Oct 05, 2024 - 03:00pm to 05:21pm EDT
Wed, Oct 23, 2024 - 04:00pm to 06:21pm EDT
Sat, Nov 02, 2024 - 10:00am to 12:21pm EDT
Tue, Nov 12, 2024 - 07:00pm to 09:21pm EST
Mon, Nov 18, 2024 - 11:00am to 01:21pm EST
Fri, Dec 13, 2024 - 12:00pm to 02:21pm EST
Mon, Dec 23, 2024 - 02:00pm to 04:21pm EST
Tue, Jan 14, 2025 - 03:00pm to 05:21pm EST
Fri, Jan 24, 2025 - 04:00pm to 06:21pm EST
Sat, Feb 01, 2025 - 10:00am to 12:21pm EST
Thu, Feb 06, 2025 - 07:00pm to 09:21pm EST
Mon, Feb 17, 2025 - 11:00am to 01:21pm EST
Thu, Mar 13, 2025 - 12:00pm to 02:21pm EDT
Tue, Mar 18, 2025 - 02:00pm to 04:21pm EDT
Thu, Apr 03, 2025 - 03:00pm to 05:21pm EDT
Tue, Apr 15, 2025 - 04:00pm to 06:21pm EDT
Sat, May 03, 2025 - 10:00am to 12:21pm EDT
Fri, May 09, 2025 - 10:00am to 12:21pm EDT
Wed, May 21, 2025 - 11:00am to 01:21pm EDT
Tue, Jun 03, 2025 - 07:00pm to 09:21pm EDT
Wed, Jun 18, 2025 - 02:00pm to 04:21pm EDT

Additional Info

Basic Course Information

Prerequisites None
Advanced Preparation None
Designed For Controllers, Accountants, CFO, Finance Professionals, Operational Professionals, Auditors
Original Recording Date 01/01/2024
Course Developer Lynn Fountain
Date Added to Catalog 02/05/2024
Yellow Book No

Additional Information

Complaint Resolution Policy

Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199). 


Official Registry Statement

Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org


Instructional Delivery Method

Group Internet Based


Course Registration Requirements

Online Registration


Refund/Cancellation Policy

Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer. 


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Overall:      5

Total Reviews: 4