Financial Accounting Best Practices

The New Lease Accounting Standards

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:

After completing this course, participants should 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 the 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


Prerequisites/Advanced Preparation:

None


Speaker / Author:

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 experience. He currently serves as an Accounting Policy Consultant with HP, Inc. in Dallas, TX.  Most recently he was located in Budapest, Hungary on a three-year international assignment and served in the company’s Houston, TX location prior to this assignment.  Prior to HP, he served in multiple accounting roles in the oil & gas industry with ConocoPhillips including technical accounting policy, SOX compliance, and internal audit. He also gained public accounting experience with PricewaterhouseCoopers, working with various clients in the energy, electric, power, gas, and utility sectors.


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Price (USD)

Standard: $99.80

Details

Course Code : 99CAM36

Release Date : 06/20/2023
Expire Date : 01/31/2025
Credits :
CPE 4.00
QAS 4.00
Length : 3hr 20min
Course Level : Overview
Course Type : QAS Self-Study
Passing Grade : 70%
Format Type : eLearning
Mobile Compatible
Field Of Study : Accounting

Theme : Financial Accounting Best Practices

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