Self-Study
2
Overview
Accounting
There are no prerequisites.

Course Description

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.



Instructor

Steven M. Bragg, CPA

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast.

Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with Deloitte & Touche. He holds an MBA from Babson College, a Master of Finance from Bentley College, and a BA from the University of Maine (summa cum laude).



Course Specifics

Accounting
Dec 15, 2017
There are no prerequisites.
SS1163433
50
None


Compliance Information

103220
IRS Provider #: 0MYXB
CTEC Provider #: 2071
Qualifies for CA Fraud: No


Learning Objectives

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.


Table of Contents

Learning Objectives

Introduction

The Nature of a Lease

Lease Components (Lessee)

Lease Components (Lessor)

Initial Direct Costs

Lease Consideration

The Lease Term

Initial Measurement of Lease Payments

Subsequent Measurement of Lease Payments

Types of Leases

Asset and Liability Recognition (Lessee)

Initial Measurement

Short-Term Leases

Finance Leases

Operating Leases

Optional Lease Payments

Right-of-Use Asset Impairment

Leasehold Improvement Amortization

Subleases

Maintenance Deposits

Derecognition

Lease Recognition Topics (Lessor)

Sales-Type Leases

Direct Financing Leases

Operating Leases

Variable Lease Payments

Lease Modifications

Lessee Impact

Lessor Impact

Elections

Discount Rate

Separation of Non-Lease Components

Sale and Leaseback Transactions

Lease Presentation

Lease Disclosures

Lessee Disclosures

Lessor Disclosures

Sale and Leaseback Transactions

Transition Accounting

Summary

Review Questions

Review Question Answers and Rationales

Glossary

Index

Final Examination

Answer Sheet

Course Evaluation



Choose Your Preferred Format


Online Access

Get immediate access to a robust collection of learning and reference materials, allowing you to dive deep into the information you need. Our self-study materials are authored by top-quality, industry experts who focus on helping you grasp concepts quickly using real-life examples. Download your CPE to any device, and take it with you so you can learn when and wherever you want. Complete your CPE with an online exam, and enjoy instant grading with the option to print your certificate immediately upon passing.

online access
Hard Copy

Our self-study materials are authored by top-quality, industry experts. You’ll receive a bound notebook of all the course materials, shipped to you within one business day. In addition, you’ll also have full online access. Each self-study package includes a robust collection of learning and reference materials to help you cover the information efficiently and put it into practice immediately.

hard copy
Self-Study Video

Experience high-quality instruction with our Self-Study Videos, available to you 24/7. With more than 80+ videos currently in the Western CPE Self-Study Video library, you can see and hear our expert instructors deliver the information you need in a dynamic way that allows you to immediately apply your learning. Unlike a live course or webcast, you can complete the course on your own time, playing and pausing as needed. Self-Study Videos allow you to complete your CPE requirements on your own time.

hard copy


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