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Surgent's Lease Accounting: The Impact of Changing Standards on Both Lessors and Lessees (AA
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ASU 2016-02, Leases (Topic 842) has finally made official that financial accounting and reporting standards relevant to leases has been completely revisited and modified, both within the U.S. and internationally. The new standard eliminates one of the largest forms of off-balance sheet accounting, but requires most leases to be brought onto the balance sheet (whether classified as a financing or operating lease).

9/7/2016
When: 11:00 AM - 1:00 PM
Where: Webcast/Webinar
United States
Contact: April Deneault
801-466-8022


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Acronym AAAL
CPE 2 hours
Category
Accounting
Level Basic
Vendor Surgent
Who should attend

Basic understanding of U.S. generally accepted accounting principles

Prerequisite
None
Fees: Early Bird
Standard
Member N/A
$89
Non-Member: N/A
$109

The Member rate applies to UACPA members and reciprocal state society members. To register online, use the ‘Register’ button above. To register by phone, call the UACPA at 801.466.8022, Monday through Friday, 8am to 4pm.

Description 
ASU 2016-02, Leases (Topic 842) has finally made official that financial accounting and reporting standards relevant to leases has been completely revisited and modified, both within the U.S. and internationally. The new standard eliminates one of the largest forms of off-balance sheet accounting, but requires most leases to be brought onto the balance sheet (whether classified as a financing or operating lease). This course will discuss the impact of these changing standards on both lessors and lessees. These changes will be effective for public companies for periods beginning after December 15, 2018, with all other entities having an extra year for implementation. Specific topics include:

  • Outcomes of the recent FASB and IASB Joint Project related to Leases
  • Differentiating between accounting and reporting requirements for operating and finance leases
  • Evaluating possible material misstatement related to lease recognition, measurement, presentation and disclosure

Objectives

  •  Identify finance lease transactions, including both lessor and lessee perspectives
  •  Understand the proper accounting and financial reporting treatment for operating and finance leases
  • Describe how lessor accounting is influenced by revenue recognition and measurement concepts
  • Explain important transition issues from the current to new standards 

 

 

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