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One of the biggest and most frustrating standard revisions involves the accounting for leases. The new lease standard, in essence, requires all leases to be recognized on the statement of position of lesees.
In this course, Jeff Sailor will bring his truly unique presentation style to explains the standard from beginning to end, including the reasons why the standard was issued. In addition, he will include his signature video parodies, which are designed to keep you awake and reinforce the material.
Upon successful completion of this course, the participant should be able to:
- Identify the situations to which the standard applies
- Describe the history and reasons for the standard
- Identify the difference between a lease and a service contract
- Identify the proper classification of a lease
- Apply the provisions for initial measurement
- Apply the provisions for subsequent measurement
- Apply the provisions for a finance lease for a lessee
- Apply the provisions for an operating lease for a lessee
- Describe the required disclosure
- Describe the potential impact of the standard on stakeholders
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