This course provides an overview of the new lease accounting standard issued by the Financial Accounting Standards Board (FASB) prescribed within Accounting Standards Codification (ASC) Topic 842.

This includes a discussion of the reasons for the change, how to correctly identify a lease within a contract, and the overall recognition, measurement, subsequent measurement, and disclosure requirements. This course also provides examples of real-world disclosures as well as challenges faced by entities post-adoption.

Learning Objectives
  • Explore and determine whether an arrangement contains a lease.
  • Identify considerations with respect to substitution 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 requirements related to lease modifications.
  • Identify presentation and disclosure requirements for both lessees and lessors.
Last updated/reviewed: March 16, 2024
15 Reviews (73 ratings)

Reviews

5
Anonymous Author
Well written material that I could use as a supplemental reference in addition to the actual text wording verbatim from the ASC standard that I could always go back to during my actual work as an accountant in the actual practice may it be professional service setting or in the industry.
5
Anonymous Author
I liked the nuanced detail included in the training materials. Calculating a liability and asset is not all that hard, but knowing exactly the pieces and parts that get us to the appropriate result is crucial. This course did a fine job at emphasizing that.
5
Anonymous Author
This course is useful with my company implementing the new lease standards. The PDF material is well organized. I found the review questions at the end of each topic are also helpful.
3
Member's Profile
There is no mention of economic growth companies and results of covid. It was great to have all of the examples, but as a text-based course, would expect it to be more comprehensive.
5
Member's Profile
Good topic. I would recommend this course to other fellow CPA's looking to complete CPE hours. Very effective at getting the point across.
4
Anonymous Author
This course was very helpful in understanding Lease Accounting and Reporting. I now have a basis to delve deeper into leases.
4
Anonymous Author
Gave a lot of good info on the basics but still had implementation material and we are past that.
5
Anonymous Author
Thorough course on lease accounting and reporting, not light subject matter. Very informational.
5
Anonymous Author
great outline with bullet points on how to measure the right-of-use asset and lease liability
4
Member's Profile
The course content is useful for reference in practical implementation of ASC 842
5
Anonymous Author
Very high level summary - good CPE, but wouldn't rely as definitive guidance.
5
Member's Profile
A straight-forward survey of the basics for ASC 842 reporting and adoption.
5
Member's Profile
this is a great resource to help me implement the standard
5
Anonymous Author
I enjoyed this course, and I found it very informative.
5
Member's Profile
Good course on the leasing standard. Good materials.
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Prerequisites
Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
  Course Overview CPE
Course Syllabus
SUPPORTING MATERIAL
  ASC 842 Lease Accounting & Reporting - What You Need to KnowPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam