This course provides an overview of the new lease accounting standard issued by the FASB within 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.

Course Series

This course is included in the following series:

8 CoursesGAAP Hot Topics - What You Need to Know

  1. GAAP Hot Topics - What You Need to Know Chapter 1: Accounting for Business Combinations (Text Based Course)
  2. GAAP Hot Topics - What You Need to Know Chapter 2: Revenue Recognition (Text Based Course)
  3. GAAP Hot Topics - What You Need to Know Chapter 3: Lease Transactions (Text Based Course)
  4. GAAP Hot Topics - What You Need to Know Chapter 4: Goodwill Impairment (Text Based Course)
  5. GAAP Hot Topics - What You Need to Know Chapter 5: Segment Reporting (Text Based Course)
  6. GAAP Hot Topics - What You Need to Know Chapter 6: Accounting for Software (Text Based Course)
  7. GAAP Hot Topics - What You Need to Know Chapter 7: Accounting Changes & Error Corrections (Text Based Course)
  8. GAAP Hot Topics - What You Need to Know Chapter 8: Non-GAAP Financial Measures (Text Based Course)
Learning Objectives
  • Discover 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 6, 2024
8 Reviews (37 ratings)

Reviews

4
Member's Profile
This is a good introduction course. I would have liked better description and more examples of the various leases with examples of adjusting entries that would show how you get to year-end numbers.
4
Anonymous Author
The main difference between the previous lease standard and the new standard is the recognition of lease assets and lease liabilities by lessees for operating leases.
4
Member's Profile
Good introductory course; very well organized and presented. Would be even better with more examples and calculations.
5
Anonymous Author
Really good course on leases. It was very helpful for somebody at a private company adopting for the first time.
4
Anonymous Author
I like how Kelen lays out his information, it is well though out and provides great descriptions of ASC 842.
4
Anonymous Author
This was a very informative course. It had adequate course material.
5
Anonymous Author
Good overview of asc 842 requirements. Nice examples.
5
Anonymous Author
Was good high level course and gives basics of 842.
Prerequisites
Course Complexity: Foundational

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
COURSE MATERIAL
  GAAP Hot Topics - What You Need to Know Chapter 3: Lease Transactions PDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam