Accounting for Leases: Guidelines for the New Standard

7 Credits: Accounting


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Accounting for Leases: Guidelines for the New Standard

Course Level
CPE Credits

7 Credits: Accounting

Course Description

This course offers a comprehensive guide to the changes in lease accounting practices introduced by FASB’s ASU 2016-02, Leases (ASC 842). It is designed to aid professionals in understanding and implementing the new standard, which significantly alters the way leases are accounted for on balance sheets. The course features detailed explanations of the financial accounting and reporting requirements for both lessees and lessors under ASC 842, highlighting the critical changes from the previous standard. Participants will benefit from specific examples that illustrate the application of these new requirements, enabling a clearer understanding of the standard’s impact on financial statements. Additionally, the course covers the differences between U.S. GAAP and IFRS in lease accounting, providing a broader perspective. It also offers valuable insights into developing a leasing policy threshold, ensuring effective internal control over leases, and preparing for audits. This course is invaluable for professionals seeking to adapt to the new lease accounting standard and enhance their financial reporting accuracy and compliance.

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Learning Objectives

Upon completion of this course, you will be able to:

  • Recognize the improvement over the lease accounting through the release of ASC 2016-02;
  • Cite the key changes in the leasing practice;
  • Identify the applicability of the lease standard;
  • Identify key concepts in lease accounting;
  • Recognize the difference between U.S. GAAP and IFRS affecting the lease accounting practice;
  • Identify the accounting rules for initial direct costs;
  • Recognize the methods of accounting for different types of leases by lessees and lessors; and
  • Identify risks and controls over leasing activities.
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Course Specifics

Course ID
Revision Date
May 3, 2023

General Accounting.

Advanced Preparation


Number of Pages

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)

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.

Meet The Experts

For many years, Delta CPE LLC has offered a wide variety of continuing education courses for financial professionals. Topics covered by Delta’s courses include accounting, financial management, budgeting, investments, financial statement reporting, business management, IFRS, ethics, valuations, real estate, and business writing. The diversity and breadth of Delta’s course offerings make the company a prolific and unique contributor to the CPE world. Delta’s well-credentialed authors and contributors have also been published in numerous academic and professional journals and quoted by some of the leading financial media outlets.