CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

A Final Look at the New Leasing Standard for Private Companies

Icon_Webcast
Webcast
Icon_Level
Basic
Credits
CPE Credits
3 Credits: Accounting

Course Description

In late 2019, the FASB announced a change in the effective date of implementing the new leasing standard for private companies from 2020 to 2021. The new standard covers accounting guidance for both lessees and lessors. However, accounting by lessees will mostly be affected. Nearly all leases by a lessee, except those for less than a twelve-month term, will be capitalized as a right-of-use asset and a lease liability. An example lease will be used to cover topics such as lease classification, lease term, measurement at the commencement date, subsequent measurement, and journal entries. The guidance on transition to the new standard will also be discussed. New disclosure requirements will be demonstrated by reviewing the disclosures of public companies that have already implemented the guidance.

Learning Objectives

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

  • Understand the FASB reasons for issuing new leasing guidance
  • Determine if a contract is a lease and the types of lease to a lessee and lessor
  • Discuss the recognition, measurement, and presentation requirements in the financial statements for both the lessee and the lessor
  • Prepare the journal entries for lessee and lessor
  • Understand the alternative ways to transition to the new lease guidance
  • Identify the leasing disclosures for a private entity

Course Specifics

Course ID
WC11206902
Original Release Date
May 4, 2020
Revision Date
May 4, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Rod Redding Headshot
Rod Redding, PhD, CPA

Dr. Rod Redding received his PhD from Penn State University after working with Price Waterhouse and IBM. Presently, he presents seminars and webcasts and prepares self-study courses for Western CPE. He has over 30 years’ experience as a professor at universities such as the University of North Carolina, the University of Utah, Georgetown University, and Gettysburg College. He also has taught internationally at Kenyatta University in Kenya and the American University of Sharjah in the United Arab Emirates. Three different universities have given Dr. Redding awards for excellence in teaching. Dr. Redding holds a CPA certificate but has elected inactive …

Rod Redding, PhD, CPA Read More »

A Final Look at the New Leasing Standard for Private Companies

Expert Instructors
CPE CREDITS
3 Credits: Accounting

$147.00

Icon_Webcast
Webcast
Icon_Level
Basic
Credits
CPE Credits
3 Credits: Accounting

Course Description

In late 2019, the FASB announced a change in the effective date of implementing the new leasing standard for private companies from 2020 to 2021. The new standard covers accounting guidance for both lessees and lessors. However, accounting by lessees will mostly be affected. Nearly all leases by a lessee, except those for less than a twelve-month term, will be capitalized as a right-of-use asset and a lease liability. An example lease will be used to cover topics such as lease classification, lease term, measurement at the commencement date, subsequent measurement, and journal entries. The guidance on transition to the new standard will also be discussed. New disclosure requirements will be demonstrated by reviewing the disclosures of public companies that have already implemented the guidance.

Learning Objectives

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

  • Understand the FASB reasons for issuing new leasing guidance
  • Determine if a contract is a lease and the types of lease to a lessee and lessor
  • Discuss the recognition, measurement, and presentation requirements in the financial statements for both the lessee and the lessor
  • Prepare the journal entries for lessee and lessor
  • Understand the alternative ways to transition to the new lease guidance
  • Identify the leasing disclosures for a private entity

Course Specifics

Course ID
WC11206902
Original Release Date
May 4, 2020
Revision Date
May 4, 2020
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Rod Redding Headshot
Rod Redding, PhD, CPA

Dr. Rod Redding received his PhD from Penn State University after working with Price Waterhouse and IBM. Presently, he presents seminars and webcasts and prepares self-study courses for Western CPE. He has over 30 years’ experience as a professor at universities such as the University of North Carolina, the University of Utah, Georgetown University, and Gettysburg College. He also has taught internationally at Kenyatta University in Kenya and the American University of Sharjah in the United Arab Emirates. Three different universities have given Dr. Redding awards for excellence in teaching. Dr. Redding holds a CPA certificate but has elected inactive …

Rod Redding, PhD, CPA Read More »

A Final Look at the New Leasing Standard for Private Companies

Expert Instructors
CPE CREDITS
3 Credits: Accounting

$147.00