Examining the New Lease Acctg Standard: More Than Meets the Eye [NLS4]

Full Description

Examining the New Lease Accounting Standard: More Than Meets the Eye (NLS4)

July 27th, 2022 / 12:30 pm 4:00 pm

BP Energy Center
1014 Energy Court
Anchorage, AK

Implementing ASU No. 2016-02, Leases (Topic 842) is sure to have a major impact on your balance sheet and potentially on your business as well. This course is a one-stop shop for what you need to know about the upcoming changes to lease accounting. In this course, we will review how to measure the lease liability and right-of-use asset that will now be recorded on the balance sheet for all leases. We will also tackle the tricky issues of accounting for lease modifications and other lease remeasurement events as well as address the other major provisions of the new standard, including transition. We will also review the income statement treatment of lease expense for all leases for both lessees and lessors and discuss recent FASB implementation guidance. Lastly, the course will cover all recent updates to the originally issued guidance in Topic 842, including recent FASB guidance related to rent concessions granted in light of the COVID-19 pandemic. While Topic 842s effective date was delayed a year, your need to understand the new guidance was not. Now is the time to get up to speed on this complex new standard.

Major Topics:
- ASU No. 2016-02, Leases (Topic 842)
- Overall lease accounting guidance
- Lessor Accounting 101
- Lessee Accounting 101
- Detailed review of accounting by lessees and lessors
- Sale and leaseback transactions
- Transition guidance
- Other operational issues
- Recently issued updates to the lease accounting guidance
- FASB guidance on accounting for COVID-19-related rent concessions
- Feedback from the public company adoption of Topic 842

Learning Objectives:
- Comprehend and apply the FASBs comprehensive new lease accounting guidance found in ASU No. 2016-02, Leases (Topic 842)
-Recall operational issues in adopting the new lease accounting standard

Designed For: Practicing CPAs and their staffs, both in public accounting and business and industry -- controllers, accountants, and other financial accounting personnel involved in financial statement preparation and review

CPE Credits: 4, Accounting & Auditing

Level of Knowledge: Intermediate

Prerequisite: Experience in financial accounting and reporting

Acronym: NLS4

Discussion Leader: Randy Milligan, CPA

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