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Lease Accounting: How It Affects Your Business and Preparing for Compliance

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.

100 minutes
Course Exam
Certificate of Completion
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Over 35 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.

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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Why Lorman?

Over 35 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.

Credits

OnDemand Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Maine, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on February 24, 2022.

Call 1-866-352-9540 for further credit information.

  • AIPB 2.0
     
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • AK CLE 1.5
     
  • Alaska attorneys may receive 1.5 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
     
  • AL CLE 1.7
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.7 hours credit.
     
  • AR CLE 1.75
     
  • This course has been approved for 1.75 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.5
     
  • The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • CT CLE 1.5
     
  • 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).
     
  • HI CLE 1.5
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
     
  • ND CLE 1.75
     
  • North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.75 hours of CLE credit.
     
  • NH MCLE 1.7
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 99 Minutes.
     
  • NJ CLE 2.0
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 2.0 hours of total CLE credit.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 2.0
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 2.0 hours of CLE credit.
     
  • VT CLE 1.5
     
  • This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
     
  • WI CLE 2.0
     
  • This program qualifies for 2.0 hour(s) of ondemand CLE through the WI Board of Bar Examiners.
     
  • WV MCLE 2.0
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 2.0 MCLE hours.
     
  • CPE/NASBA - QAS Self Study 2.8 including Accounting 2.8
     
  • Lorman Education Services 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.
     

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • NJ CLE 2.0
     
  • VT CLE 1.5
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 35 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

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

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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Product ID: 409405
Published 2022
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