FMN Plus-2024/Apr, Seg 3 - Common Control Arrangements: Understanding the Impacts from ASU 2023-01
In March 2023, the FASB issued an ASU that improved the guidance for leasing arrangements between entities under common control. This ASU, “Leases (Topic 842) Common Control Arrangements”, provides private companies with a practical expedient to use the written terms and conditions of a common control arrangement to determine whether a lease exists and, if so, the classification of and accounting for that lease. Jeremy Dillard, Technical Standards Partner, with SingerLewak, joins this segment to discuss the changes related to the terms and conditions that must be considered, as well as how all entities, including public companies, are to amortize leasehold improvements associated with common control leases.
Learning Objectives:
- Recognize the key amendments prescribed by ASU 2023-01
- Identify the effective date of ASU 2023-01
- Recall the methods of adoption for the amendments related to leasehold improvements
- Identify considerations and challenges with respect to adoption of the amendments
Prerequisites/Advanced Preparation:
None
Details
Course Code
:
FMN1559-FM
Release Date
:
04/10/2024
|
Expire Date
:
11/13/2025
|
Credits
:
|
Length
:
1hr 40min
|
Course Level
:
Update
|
Course Type
:
QAS Self-Study
|
Passing Grade
:
70%
|
Format Type
:
eLearning
Mobile Compatible
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Field Of Study
:
Accounting
|
|
Theme
:
Financial Accounting Issues
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