Course Information
Accounting for the New Lease Standard – ASU 2016-02
Course Information
| Title: | Accounting for the New Lease Standard – ASU 2016-02 |
|---|---|
| Category: | Accounting and Auditing |
| Field of Study: | Accounting |
| Course Code: | M228 |
| CPE Credits: | 8.0 |
| Price: | 59.95 |
Description
Description:
The purpose of this course is to review the changes made to lease accounting by ASU 2016-02, Leases, (as further amended by ASU 2018-01, Land Easement- Practical Expedient for Transition to Topic 842, and numerous other amendments), and to establish the principles that lessees and lessors shall apply to report useful information to users of financial statements about the amount, timing, and uncertainty of cash flows arising from a lease. Topics include a review of the new rules for lessees and lessors, the types of leases, how to account for the balance sheet, income statement and cash flows statement impacts of different types of leases, the implementation requirements, and more.
Delivery Method: Online Interactive Self Study
Level: Overview
Prerequisites: None
Advanced Preparation: None
Course Details
Category: Accounting and Auditing
Field of Study: Accounting
Passing Score: 70%
Technical Details: Accounting is a technical field of study.
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Objectives
Objectives:
Recognize a key change made to GAAP by the new lease standard Identify a type of lease that exists for a lessee under ASU 2016-02 Recall a type of lease for which the ASU 2016-02 rules do not apply Recognize some of the criteria that determine whether a contract is or is not a lease Identify some of the types of economic benefits a lessee can obtain from a leased asset Recognize a right that ASU 2016-02 states does not prevent a lessee from having the right to direct use of an identified asset Identify a threshold for a lease term to be considered a major part of an asset’s remaining economic life Recognize who an entity might not want to use the risk-free rate to compute the present value of lease payments Identify how a lessee should account for initial direct costs Recognize items that are and are not components of a lease term Recall the method a lessee should use to record interest expense on a lease obligation
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Profession
NASBA: Yes
QAS: Yes
CPA: Suitable for all CPAs
IRS: No IRS credit for Enrolled Agents.
Profession Identifiers: CPA