Live Stream: The Bottom Line on the New Lease Accounting Requirements

132  |  Livestream  |  Intermediate  |  Scheduled

Description

Which leases are within the scope of FASB ASC 842, Leases, and what are the basic accounting, financial reporting and disclosure requirements? This course addresses those questions by focusing on the basic core principles of this major standard. By centering on the core principles of this significant standard, we provide clarity on essential topics such as the identification, recognition, measurement, presentation and disclosure requirements for leases. Engaging case studies are incorporated throughout the course to illustrate the application of the standard. Additionally, this course explores the lessee accounting model, shedding light on lease classification, amortization of the right-of-use asset and the calculation of interest on the lease liability. This course also examines the accounting model for lessors, addressing key considerations such as profit recognition and the assessment of collectability.

Credits

Number of Credits Type of Credits
4.00 Accounting

Designed For

Accountants in practice and industry

Prerequisites

Experience in application of accounting standards

Highlights

  • Lease classification
  • Amortization of the lease asset
  • Derecognition of the underlying asset
  • Recognition of lease receivables

Objectives

This course is intended to familiarize the learner with the key aspects of the leases standard, FASB ASC 842. When you complete this course, you will be able to:

  • Recognize arrangements that meet the scope requirements for lease accounting under FASB ASC 842.
  • Recognize lessee accounting requirements for operating leases and finance leases under FASB ASC 842.
  • Recognize lessor accounting requirements for sales-type, direct financing and operating leases under FASB ASC 842.
  • Recognize presentation requirements for lessees and lessors under FASB ASC 842.

Prices

Member (Early Bird)
$179.00
Non-Member (Early Bird)
$229.00
Member
$179.00
Non-Member
$229.00
Your Price: $229.00

This is your base price and does not reflect any additional session fees, optional add-ons, or guest registrations.

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Instructors

Thomas Newell, CPA

Thomas E. Newell, Jr. (Tom) is a shareholder in the firm of Newell & Newell, P.C., which is located in Columbus, GA. Tom started the firm with his wife, Silvia Newell, CPA in 1986. Prior to that, his public accounting experience included both local firms and international firms.

Tom has performed hundreds of peer reviews and has been involved with the peer review program since 1989. Tom served on the Georgia Society (GSCPA) peer review committees from 1989 to 1993. In 1993, he was selected to be one of the technical reviewers for the Georgia Society Peer Review Program and served for nine years. During his time as technical reviewer, Tom worked with the GSCPA to move the peer review committee from in-person to online meetings. Tom has also served several years on the accounting and auditing committee at the Georgia Society.

Tom has been a presenter at conferences and CPE courses for over 30 years. He has been a frequent presenter for the Georgia Society of CPAs at the Southeastern Accounting Show, Tax Forum (A&A topics), and the Accounting Institute. Tom is also a discussion leader for various continuing education courses on A&A topics for other state societies. He has made presentations at Fortune 500 companies and several government agencies on accounting and auditing, internal controls, and cybersecurity. As a presenter, Tom has been described as a dynamic speaker who is able to take a boring topic (accounting and auditing) and make it interesting.

He was awarded the Surgent Outstanding Discussion Leader Award in 2015, 2016, and 2018, as a result of these skills. Tom was recognized in 2018 by the AICPA as an Outstanding Facilitator for his consistently high evaluations of knowledge and presentation skills. As the world of presentations has been changing, Tom has been a champion of moving to virtual presentations. He was involved in the early years of simulcasting by various state CPA societies, as well as the recording of video and audio self-study courses. Tom is now prepared for the next wave of change toward the totally virtual classroom that simulates a true live classroom experience.

Tom graduated cum laude from Georgia Southwestern College in Americus, GA in 1980.

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