Which leases are within the scope of FASB ASC 842, Leases, and what are the
basic accounting, financial reporting, and disclosure requirements? This course
addresses those questions by focusing on the basic core principles of this major
standard. By centering on the core principles of this significant standard, we
provide clarity on essential topics such as the identification, recognition,
measurement, presentation, and disclosure requirements for leases. Engaging
case studies are incorporated throughout the course to illustrate the application of
the standard.
Additionally, this course explores the lessee accounting model, shedding light on
lease classification, amortization of the right-of-use asset, and the calculation of
interest on the lease liability. This course also examines the accounting model for
lessors, addressing key considerations such as profit recognition and the
assessment of collectability.
Objectives
This course is intended to familiarize the learner with the key aspects of the leases
standard, FASB ASC 842. When you complete this course, you will be able to:
- Recognize arrangements which meet the scope requirements for
lease accounting under FASB ASC 842.
- Recognize lessee accounting requirements for operating leases and
finance leases under FASB ASC 842.
- Recognize lessor accounting requirements for sales-type, direct
financing, and operating leases under FASB ASC 842.
- Recognize presentation requirements for lessees and lessors under
FASB ASC 842.
- Recognize business factors to consider when implementing FASB
ASC 842.