How do the leasing requirements in the new standard differ from current GAAP? This course addresses that question by examining the core principles of the new standard, including identification, recognition, measurement, presentation and disclosure requirements. Examples are included to illustrate application of the new standard. This course explains the lessee accounting model, including lease classification, amortization of the right-of-use asset, and interest on the lease liability. This course also explains the lessor accounting model, including transfer of risk, profit recognition, and collectability. Additional topics include short-term leases, purchase options, variable lease payments, and sale and leaseback transactions.
Course ID: 2
Leases: Mastering the New FASB Requirements
- Identify a lease under the new leases standard.
- Identify recognition and measurement requirements of the new leases standard.
- Identify presentation and disclosure requirements of the new leases standard.
- Lease classification.
- Differences between "Type A" and "Type B" leases.
- Amortization of the lease asset.
- Derecognition of the underlying asset.
- Recognition of lease receivables.
DESIGNED FORAccountants in practice and industry
FIELD OF STUDY