Lease accounting under FASB ASC 842 is now fully effective for all entities. Transitioning to new GAAP always leads to implementation issues and concerns. This course answers the most common questions asked related to the latest lease accounting and financial reporting requirements after adoption and transition.

Major Topics:

  • Alternatives to adopting Topic 842
  • Short-term lease and related-party leasing arrangements
  • Identifying lease agreements under the new rules
  • Proper treatment of lease incentives, leasehold improvements, and lease modifications

Who Should Attend: Anyone responsible for preparing or attesting upon financial statements.

Learning Objectives
  • Identify and list significant requirements of Topic 842 lease accounting and reporting.
  • Recognize and recall answers to FAQ related to lease accounting and reporting after adoption.
Last updated/reviewed: March 23, 2025
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
INTRODUCTION AND OVERVIEW
  Learning Objectives and Underlying Lease Principles Overview17:52
  Short Term and Related Party Leasing Arrangements23:42
  Land Leases8:40
  Importance of Qualitative Disclosures8:42
  Lease Incentives and Improvements11:50
  Impairment Considerations5:18
  Sublease Issues9:32
  Lease Modifications9:10
  SSARSs Engagements and IFRS Considerations8:14
CONTINUOUS PLAY
  Lease Accounting under Topic 8421:43:00
SUPPORTING MATERIAL
  Slides: Leases Accounting under Topic 842: Answers to FAQ After ImplementationPDF
  Leases Accounting under Topic 842: Answers to FAQ After Implementation GlossaryPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam