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.
Table of Contents
The Nature of a Lease
Lease Components (Lessee)
Lease Components (Lessor)
Initial Direct Costs
The Lease Term
Initial Measurement of Lease Payments
Subsequent Measurement of Lease Payments
Types of Leases
Asset and Liability Recognition (Lessee)
Optional Lease Payments
Right-of-Use Asset Impairment
Leasehold Improvement Amortization
Lease Recognition Topics (Lessor)
Direct Financing Leases
Variable Lease Payments
Separation of Non-Lease Components
Sale and Leaseback Transactions
Sale and Leaseback Transactions
Review Question Answers and Rationales
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