Implementing ASU No. 2016-02 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.
Learning Objectives
- Comprehend and apply the FASB's comprehensive new lease accounting guidance found in ASU No. 2016-02, Leases (Topic 842)
- Recall operational issues in adopting the new lease accounting standard
Major Topics
- ASU No. 2016-02, Leases (Topic 842)
- Overall lease accounting guidance
- Leasor Accounting 101
- Lessee Accounting 101
- Detailed review of accounting by lessees and lessors
- Sale and leaseback transactions
- Transition guidance
- Other operational issues
