Lease Accounting & Reporting – What You Need to Know

2 Credits: Accounting


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Lease Accounting & Reporting – What You Need to Know

Course Level
CPE Credits

2 Credits: Accounting

Course Description

This in-depth course offers a thorough overview of the new lease accounting standard, ASC Topic 842, issued by the Financial Accounting Standards Board (FASB). Designed for tax, accounting, and finance professionals, it provides an essential understanding of the latest changes in lease accounting. Participants will learn how to determine whether an arrangement contains a lease and recognize the new criteria for finance and short-term leases. The course elaborates on the new recognition and measurement requirements for both lessees and lessors, ensuring participants are well-versed in these critical aspects. It also covers lease modifications and the presentation and disclosure requirements under the new standard. By offering real-world examples and addressing post-adoption challenges, this course equips professionals with the knowledge and skills to effectively navigate and apply the new lease accounting standards in their practice.

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Learning Objectives

Upon successful completion of this course, participants will be able to:

  • Determine whether an arrangement contains a lease
  • Identify considerations with respect to substitution rights
  • Identify the criteria for the new finance lease and short-term leases
  • Recognize the new recognition and measurement requirements for both lessees and lessors
  • Identify the requirements related to lease modifications
  • Identify presentation and disclosure requirements for both lessees and lessors
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Course Specifics

Course ID
Revision Date
April 16, 2024

There are no prerequisites.

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

Kelen is a recognized author and reviewer of CPE courses and has authored over 145 courses (350+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics. Kelen remained involved in CPA exam content development for nearly 10 years and authored more than a thousand multiple choice questions for various sections of the CPA exam. He also serves as an Editorial Advisor for the AICPA’s Journal of Accountancy. Kelen has nearly 20 years of progressive finance and accounting experience. He currently serves as an Accounting Policy Advisor with HP. Prior to HP, he served in multiple …