Financial Reporting Issues

Lease Accounting And Disclosure Based On Topic 842

Topic 842, Leases, replaces the legacy lease topic in the FASB Codification, Topic 840, Leases. Topic 842 changes the way lessees account and disclose their leasing activity.  This video course discusses lease identification, lease classification, lessee initial measurement, lessee subsequent measurement and lessee presentation and disclosures.  Lessor accounting is not discussed in this course.

Learning Objectives:

After completing this course, participants will be able to:

  • Identify the significant differences between Topic 842 and legacy Topic 840.
  • Identify whether a contract contains a lease.
  • Identify and describe the differences between lease components and non-lease components.
  • Identify transactions within the scope of Topic 842.
  • Differentiate between finance and operating lease classifications.
  • Apply the initial measurement and subsequent measurement principles for lessees.
  • Identify the presentation and disclosures requirements for lessees.


Prerequisites/Advanced Preparation:

None

Speaker / Author:

John M. Fleming, licensed as a CPA in Pennsylvania, has served as the President and Director of Accounting and Auditing for Kaplan Financial Education, powered by Loscalzo Institute and also as the Director of Content Development for Kaplan Financial Education, powered by SmartPros.  John retired from Kaplan in October of 2017. In retirement, John continues to provide seminars as a discussion leader for Kaplan Financial Education on a part-time basis.

John’s prior practice experience includes audit, tax, consulting, office management, and human resource responsibilities with Deloitte LLP, Richard Eisner & Company LLP, and Ernst & Young LLP. John is a graduate of LaSalle and Drexel Universities with degrees in accounting and finance.

John, a Pennsylvania CPA, served as the 1999/2000 President of the 8,300 member Greater Philadelphia Chapter of the Pennsylvania Institute of Certified Public Accountants (PICPA). In 2006, the PICPA recognized John as a Joseph E. Sterrett Fellow for his contributions to the accounting profession and in 2007, the Philadelphia Chapter recognized John with their Champion Award for his contributions to the PICPA, Chapter, profession and community.  John has also served as the 2002/2003 President of the American Accounting Association’s Mid-Atlantic Region.

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Price (USD)

Standard: $24.95

Details

Course Code : 99FLE71

Release Date : 10/27/2023
Expire Date : 01/31/2025
Credits :
CPE 1.00
QAS 1.00

Length : 50min
Course Level : Basic
Course Type : QAS Self-Study
Passing Grade : 70%
Format Type : eLearning
Mobile Compatible
Field Of Study : Accounting

Theme : Financial Reporting Issues

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