The course, second in a three-course series , concentrates on Topic 842-20, Lessee. Leasing is popular among companies for needs including office space and equipment. This course addresses leasing from the perspective of a lessee. Excerpts from public company disclosures will also be reviewed. ASC 842 Leases is now effective for most publicly traded entities. Private companies and nonprofit entities should be prepared as the effective date are now for annual reporting periods beginning after December 15, 2021. Early application is also permitted. Prepare your clients and entities for adoption.
- Identify short-term leases
- Calculate initial measurement of ROU asset and a lease liability
- Calculate the subsequent measurement of both finance and operating leases
- Describe the presentation of the leases in the financial statements
- Review excerpts from a selection of public companies' lease disclosures
- FASB ASC 842
- Leases and All recently released updates to ASC 842