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The New Lease Accounting Standards

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

Course Description

This course provides an in-depth overview of the new lease accounting standards issued by the Financial Accounting Standards Board (FASB) in February 2016.  This includes a discussion of the primary reasons for the change as well as how to identify a lease within a contract.  This course also provides an in-depth review of lease classification, initial measurement, subsequent measurement, presentation & disclosure, as well as transition requirements.  The course concludes with a discussion of some of the significant differences between IFRS 16 (the IASB’s new lease accounting standard) as well as private company considerations.

Learning Objectives

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

  • Recognize how the new leasing standard has evolved and how the new standard is organized
  • Determine whether an arrangement contains a lease
  • Identify considerations with respect to substitution rights and decision-making 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 recognition criteria for sales-type, direct financing, and operating leases
  • Identify the overall requirements with respect to lease modifications
  • Identify criteria used for sale and leaseback transactions
  • Identify the considerations with respect to a lessee’s involvement in construction of a leased asset
  • Identify the presentation requirements for both lessees and lessors
  • Recognize both qualitative and quantitative disclosure requirements for both lessees and lessors
  • Identify the effective date for the new lease accounting standards
  • Identify the significant differences between ASC 842 and IFRS 16
  • Recognize considerations of and alternatives provided to private companies

Course Specifics

Course ID
1203529
Revision Date
December 20, 2021
Number of Pages
77
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

Kelen Camehl Headshot
Kelen Camehl, CPA, MBA

Kelen is a recognized author and reviewer of CPE courses and has authored over 85 courses (225+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics.  His courses are available for purchase from many online CPE providers including the AICPA.  Kelen has also remained involved in CPA exam content development for nearly 10 years and has 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 over 15 years of progressive finance and accounting …

Kelen Camehl, CPA, MBA Read More »

The New Lease Accounting Standards

Expert Instructors
CPE CREDITS
4 Credits: Accounting

$116.00$136.00

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

Course Description

This course provides an in-depth overview of the new lease accounting standards issued by the Financial Accounting Standards Board (FASB) in February 2016.  This includes a discussion of the primary reasons for the change as well as how to identify a lease within a contract.  This course also provides an in-depth review of lease classification, initial measurement, subsequent measurement, presentation & disclosure, as well as transition requirements.  The course concludes with a discussion of some of the significant differences between IFRS 16 (the IASB’s new lease accounting standard) as well as private company considerations.

Learning Objectives

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

  • Recognize how the new leasing standard has evolved and how the new standard is organized
  • Determine whether an arrangement contains a lease
  • Identify considerations with respect to substitution rights and decision-making 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 recognition criteria for sales-type, direct financing, and operating leases
  • Identify the overall requirements with respect to lease modifications
  • Identify criteria used for sale and leaseback transactions
  • Identify the considerations with respect to a lessee’s involvement in construction of a leased asset
  • Identify the presentation requirements for both lessees and lessors
  • Recognize both qualitative and quantitative disclosure requirements for both lessees and lessors
  • Identify the effective date for the new lease accounting standards
  • Identify the significant differences between ASC 842 and IFRS 16
  • Recognize considerations of and alternatives provided to private companies

Course Specifics

Course ID
1203529
Revision Date
December 20, 2021
Number of Pages
77
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

Kelen Camehl Headshot
Kelen Camehl, CPA, MBA

Kelen is a recognized author and reviewer of CPE courses and has authored over 85 courses (225+ CPE credit hours) covering a range of accounting, auditing, financial reporting, regulatory, and ethics topics.  His courses are available for purchase from many online CPE providers including the AICPA.  Kelen has also remained involved in CPA exam content development for nearly 10 years and has 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 over 15 years of progressive finance and accounting …

Kelen Camehl, CPA, MBA Read More »

The New Lease Accounting Standards

Expert Instructors
CPE CREDITS
4 Credits: Accounting

$116.00$136.00

Clear