Lease Accounting: Core Concepts discusses the different components of leases, the types of leases that may be used by a lessee and lessor, and the accounting for each type of lease. The course also addresses how lease liabilities and right-of-use assets are calculated and presented in the financial statements. A number of additional topics are addressed, including the treatment of initial direct costs, sale and leaseback transactions, and lease-related disclosures.
Upon successful completion of this course, participants will be able to:
- Identify the reasons why a lease can be useful for a lessee.
- Note the leasing rules related to asset substitution.
- Recognize the situations to which lease accounting does not apply.
- Recall the circumstances under which a separate lease component is considered to exist.
- Note the different types of lease payments and the costs associated with them.
- Identify the special rules related to leases from government entities.
- Recall how the 12-month lease exception works.
- Identify the unique characteristics of sales-type and direct financing leases.
- Note the restrictions on the use of the risk-free discount rate when deriving a lease present value.
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