FASB ASC 842, Leases explained
Understanding lease fundamentals is essential to applying FASB lease requirements appropriately. As such, you'll delve into key concepts that define what a lease is, as well as basic lease accounting topics, such as:
Contracts containing leases
Lease classification
Amortization of the right-of-use asset
Impairment considerations
Lease presentation and disclosure requirements
Comprehensive examples and case studies will guide you through approaches to help you adopt accounting guidance for FASB ASU 2023-01. You'll also review the presentation and disclosure requirements, and other topics, including:
Lease versus non-lease components
Sales-type lease
Direct financing lease
Operating lease
Lease terminations
Objectives
- Recognize arrangements which meet the scope requirements for lease accounting under FASB ASC 842.
- Recognize accounting requirements for lease modifications under FASB ASC 842.
- Recognition presentation requirements for lessees and lessors under FASB ASC 842.
- Identify the recognition criteria for sales-type, direct financing, and operating leases.
Highlights
Lease classification
Amortization of the leased asset
Derecognition of the underlying asset
Recognition of lease receivables
Lease modifications
Sale and leaseback transactions
Who Will Benefit
Accountants and finance professionals
Credits
| Category |
Amount |
| Accounting |
4.00 |
