Financial Reporting Issues

Lease Accounting and Disclosures Based on ASU 2016-02 - Leases (Topic) 842

Course Overview:
In February 2016, FASB issued ASU 2016-02, Leases (Topic) 842. This ASU follows almost ten years of discussion and outreach by the FASB to arrive at a more transparent lease standard that would primarily reflect on the statement of financial position the long-term asset and liability commitments made by a lessee. ASC 2016-02 replaces the current lease topic in the FASB Codification, ASC 840, Leases. ASC 2016-02 profoundly changes the way lessees account and disclose their leasing activity and makes conforming changes to lessor accounting and disclosures with ASC 606, Revenue.

ASC 2016-02 is effective for calendar periods beginning on January 1, 2019 for public business entities and January 1, 2020 for all other entities. This program describes the accounting and disclosure guidance in ASC 2016-02 and includes illustrated examples of the accounting for leases by lessees and lessors.



Learning Objectives:

After completing this program, the program participant should be able to:
  • Identify whether a contract contains a lease
  • Identify transactions within the scope of the new lease accounting standard
  • Differentiate between finance and operating lease classifications
  • Apply the measurement and subsequent measurement principles for leases
  • Recognize the principles with respect to sale and leaseback transactions
  • Identify the presentation and disclosures requirements for both lessees and lessors
  • Identify the effective date of the new lease accounting standard

  • Content Partner:

    SmartPros Ltd.

    SmartPros Ltd. is a leader in online and offline continuing education for
    accounting, finance and engineering professionals. With over 2,000 hours of
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    Prerequisites/Advanced Preparation:

    Basic knowledge of accounting for leases

    Speakers / Authors:

    Mark D. Mishler, CPA, CMA is Senior Vice President, Chief Financial Officer, Treasurer, and Secretary with Breeze-Eastern (NYSE:BZC), a global 'rospace manufacturer. In this role he manages financial planning and analysis plus budgeting and forecasting. He ensures financial integrity and regulatory compliance; works with all operational managers to improve profitability, cash flow, and balance sheet optimization; and develops stakeholders’ confidence in the company. Functionally, he manages finance, accounting, auditing, treasury, tax, SEC reporting, information technology, and risk management.

    With more than 29 years’ experience in finance and accounting for global public manufacturing companies, Mr. Mishler has led debt and equity financing including an IPO, mergers & acquisitions, public and SEC reporting, audit, manufacturing accounting, information technology, and strategic planning.

    His prior experience includes public-company Chief Financial Officer, Treasurer, Controller, Chief Accounting Officer, and CIO roles at General Electric Healthcare, Fedders Corporation, Amcast Industrial Corporation, Witco, Dun & Bradstreet, and WR Grace. During his career, Mr. Mishler has managed finance and accounting in more than 30 countries and has led due diligence, negotiations, structuring, and integration of more than 25 acquisitions.

    Mr. Mishler earned two Bachelors’ degrees in Chemistry and in Biology from Indiana University and his M.B.A. from the University of Michigan. He is a Certified Public Accountant and a Certified Management Accountant.

    Mr. Mishler has been an Adjunct Professor of Accounting and Finance for 19 years teaching at graduate and undergraduate levels. He has taught the CMA review course, graded the CMA exam, and written questions for the CPA exam.

    John M. Fleming, CPA, MBA, is currently the Director, Content Development for SmartPros LTD, a division of Kaplan Professional Education. SmartPros is an international educational and training company specializing in accounting, finance and ethics educational programs. John previously served as President and Director of Accounting and Auditing for LOSCALZO ASSOCIATES, a division of SmartPros for twenty-eight years. John retired as President of Loscalzo Associates on January 1, 2014.

    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) and currently serves as a member of the Institute’s Accounting and Auditing Technical Committee. 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.

    John and his wife Marge live in Medford, New Jersey.

    Software & Hardware Requirements:

    • 56k or Greater Internet Connection
    • Adobe Acrobat® Reader for the .pdf files
    • Adobe® Flash® Player 9 or higher
    • Modern DHTML Compatible Browser
    • Ram: 256 MB minimum
    • Windows or Mac OS

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    Price (USD)

    Standard Rate: $49.90

    Details

    Course Code : 99FLE33-tx

    Release Date : 06/06/2016
    Expire Date : 07/01/2020
    Credits :
    CPE 2.00
    QAS 2.00

    Length : 1hr 40min
    Course Level : Basic
    Course Type : Self-Study
    Passing Grade : 70%
    Format Type : eLearning
    Mobile Compatible
    Field Of Study : Accounting

    Theme : Financial Reporting Issues

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