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Accounting for Leases

Icon_Self-Study
QAS Self-Study
Icon_Level
Overview
Credits
CPE Credits
2 Credits: Accounting

Course Description

The latest update to the accounting standards for leases has significantly increased the complexity of the related accounting. Accounting for Leases focuses on the different components of leases, the types of leases that may be used by a lessee and lessor, and the accounting for each one. 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. This course can be considered essential reading, given the absurd intricacy of lease accounting.

Learning Objectives

Upon Completion of this course you will:
• Identify the reasons why a lease can be useful for a lessee.
• Specify 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.
• Specify the different types of lease payments.
• 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.
• Specify the restrictions on the use of the risk-free discount rate when deriving a lease present value.

Course Specifics

Course ID
1223590
Revision Date
April 22, 2022
Number of Pages
53
Prerequisites

There are no prerequisites.

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)

Course Instructor

Steven M. Bragg Headshot
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 …

Steven M. Bragg, CPA Read More »

Accounting for Leases

Expert Instructors
CPE CREDITS
2 Credits: Accounting

$58.00$78.00

Clear
Icon_Self-Study
QAS Self-Study
Icon_Level
Overview
Credits
CPE Credits
2 Credits: Accounting

Course Description

The latest update to the accounting standards for leases has significantly increased the complexity of the related accounting. Accounting for Leases focuses on the different components of leases, the types of leases that may be used by a lessee and lessor, and the accounting for each one. 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. This course can be considered essential reading, given the absurd intricacy of lease accounting.

Learning Objectives

Upon Completion of this course you will:
• Identify the reasons why a lease can be useful for a lessee.
• Specify 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.
• Specify the different types of lease payments.
• 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.
• Specify the restrictions on the use of the risk-free discount rate when deriving a lease present value.

Course Specifics

Course ID
1223590
Revision Date
April 22, 2022
Number of Pages
53
Prerequisites

There are no prerequisites.

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)

Course Instructor

Steven M. Bragg Headshot
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 …

Steven M. Bragg, CPA Read More »

Accounting for Leases

Expert Instructors
CPE CREDITS
2 Credits: Accounting

$58.00$78.00

Clear