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The New Lease Standard-Navigating ASU2016-02 Implementation (ME22-42/22)

Member Price $195
Non-Member Price $195
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November 22, 2022 @ 1:00 pm - 4:30 pm

Event Description

This course is critical for any CPA who prepares non-public company financial statements. Effective January 1, 2022, GAAP requires companies to implement the new lease standard by recording lease assets and liabilities on balance sheets for all leases with a lease term of more than 12 months.The new lease standard will be a key focus of peer reviews in 2022 and 2023. This course is a hands-on course that shows you how to implement the standard with numerous examples and a case study.Objective:The objective of this course is to address the new lease standard in ASU 2016-02 (ASC842) and its implementation requirements for non-public entities.

Designed For

CPAs, Controllers, CFOS responsible for accounting processes and reporting. 

Objectives

The objective of this course is to address the new lease standard in ASU 2016-02 (ASC 842) and its implementation requirements for non-public entities.

Major Subjects

Recognize the key changes made to GAAP by the new lease standard in ASU 2016-02 (ASC 842) starting in 2022 Identify the types of leases that exist for lessees and lessors Understand the short-term lease exclusion and how it can be used for related-party leases Learn the criteria that determine whether a contract is or is not a lease including the special “substitution loophole” under which a lease is not a lease for GAAP Discuss the elements used in the lease liability computation including the discount rate, lease term and lease payments Learn the impact that options to purchase and lease extensions have on the lease obligation computation Identify how a lessee should account for initial direct costs Learn how lease payments, CAM charges and real estate taxes/insurance reimbursements are accounted for in the lease computation Discuss the financial statement presentation of lease elements by lessees Review the disclosures required by the lease standard Address how a lessee records interest and amortization expense on finance and operating leases Identify the types of leases for a lessor and how each is accounted for Learn how existing leases are accounted for on the implementation date, including the practical expedients available Identify how deferred income taxes are treated for lessees under ASU 2016-02 Address the potential impact that the new lease standard might have on a lessee’s EBITDA and loan covenants including debt-equity ratios Discuss strategies to avoid the new lease standard using a GAAP exception, tax-basis financial statements, and other approaches, and more.

Prerequisites

Familiarity with basic accounting concepts.

Instructions

None

Details

Date:
November 22, 2022
Time:
1:00 pm - 4:30 pm
Credit:
4 Credits

Other

Credit Hours
4
Max Registrations
40
Course Type
Live Video Conference
Course Level
3