How do the leasing requirements in the new standard differ from current GAAP? This course addresses that question by focusing on the basic core principles of the new standard. Discussion includes basic identification, recognition, measurement, presentation and disclosure requirements. Case study exercises are included to illustrate application of the new standard. This course discusses the lessee accounting model, including lease classification, amortization of the right-of-use asset, and interest on the lease liability. This course also discusses the lessor accounting model, including profit recognition and collectability.
Learning Objectives
Differentiate between requirements under the current and new leases standards. Compare current lease recognition and measurement requirements to those of the new leases standard. Identify presentation and disclosure requirements of the new leases standard.
Major Topics
Lease classification Amortization of the lease asset Derecognition of the underlying asset Recognition of lease receivables
