Explore the actions necessary to communicate with management about ASC 842 Accounting for Leases.
Lease accounting activity is heating up, and financial professionals are strategically involved in their companies more than ever before. Financial professionals have the opportunity to raise the bar to deliver value, including information, objectivity, and foresight. This topic will explore the actions necessary to prepare your communication with management regarding ASC 842 Accounting for Leases. This information will assist you in understanding not only the standard but the implementation process related to the standard. This material will help prepare individuals to add value as potential partners to organizations related to the implementation of the new lease guidance. Your ability to utilize these skills in the workplace will make you a valuable asset to the leadership team in your organization. The Financial Accounting Standards Board (FASB) issued the new Lease Accounting standards to increase transparency and comparability among entities by recognizing leases on the balance sheet. The new lease accounting standards will also provide more information about leasing arrangements so that users of financial statements (i.e., management, bankers, investors, etc.) can assess the amount, timing, and uncertainty of cash flows from leases. These large, leased assets (and liabilities), once hidden in the footnotes, will now be placed directly on the balance sheet. Generally, financial statement users are applauding the FASB for requiring more transparency for management and investors.
Learning Objectives
- You will be able to identify the characteristics and purpose of ASC 842
- You will be able to recognize timing and deadlines of ASC 842
- You will be able to identify reasonable approaches for applying the new lease classification.
- You will be able to distinguish between balance sheet and income statement classifications.
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Agenda
Financial Reporting Transition
Lease Standard Changes
Embedded Leases
Financial Reporting at Transition
Qualitative Disclosures Required by ASC 842
Implementation Process
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Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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OnDemand Course
This course was last reviewed on November 15, 2023.
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- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
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CPE/NASBA - QAS Self Study 2.8 including Accounting 2.8
- Noggin Guru, Inc. dba Lorman Education Services and BankersHub is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Accounting for 2.8 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Paul Dunn
Baker Tilly US LLP
- Partner in Baker Tilly US LLP’s Consulting Services Practice specializing in Business Advisory Services
- Works with large corporate organizations to improve corporate performance in order to drive shareholder value; primarily specializes in financial reporting and GAAP compliance
- A results-oriented finance executive, he is highly effective in complex project management and leading clients in successfully implementing high-value performance improvement strategies, including ASC 842 Lease Accounting
- With over 25 years of experience, he has multi-industry experience in performance and cost management, business process analysis and reengineering, and shared services, including the design and implementation of cost management programs for complex clients
- B.B.A. degree in accounting, The University of Texas at Arlington; M.P.A. degree, Baylor University
- Can be contacted at 972-748-0235 or [email protected]
Jeff Weinberg
Baker Tilly US LLP
- Consulting Services Director with Baker Tilly US LLP
- Focused on resolving intricate financial and operational issues on behalf of companies ranging in size from start-up to public
- Significant experience assisting clients in a variety of industries through the adoption of new accounting standards; his primary disciplines include financial reporting and compliance, budgeting and forecasting, operational and project management, distressed asset restructuring, and strategic planning
- Frequent speaker and has contributed to thought leadership related to the new GAAP guidance for Leases (ASC 842) and Revenue Recognition (ASC 606)
- M.S. degree in management and administrative science, with a concentration in accounting, The University of Texas at Dallas; B.B.A. degree in finance, Texas Christian University
- Can be contacted at 972-748-0313 or [email protected]
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