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Secure Transaction Accounting for Leases
Format
Self-Study
Course Level
Overview
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
1223590
April 22, 2022
There are no prerequisites.
None
53
Compliance Information
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)
CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.
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Meet The Experts
Steven M. Bragg, CPA, is a full-time book and course author who has written more than 250 business books and courses. 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 …