|Full time Accounting Educator:||None|
After December 15, 2019, all private companies and nonprofits who issue financial statements will be required to adopt ASC 842, the new lease accounting standard for US GAAP and IASB 16.The most significant change is that almost all of the leases, including operating leases, have to be capitalized as "finance" leases and placed on the balance sheet.
- To provide attendees with a better understanding of the new lease accounting standards requirements
- Understand the classification of leases under the new standard
- Learn how the pros and cons of practical expedient elections
- To compare similarities and differences between ASC 842 and IASB 16
- The identification of contractual and embedded leases
- The classification of leases as "finance" or "operating" under the new standard
- Understand components that pertain to leases, and the items that are not lease components
- We will discuss the Right of Use (ROU) and liabilities; lease term, measurements and re-measurements
- It is important to understand what pertains to the FASB vs. international standards of IASB with respect to leases
- Provide knowledge on the use of practical expedient elections, what is helpful or not helpful
- Most importantly, we will explain how to both adopt and implement the new lease standard
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