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 new
major standard. Discussion includes basic identification, recognition,
measurement, presentation and disclosure requirements. Case study exercises
are included to illustrate application of the standard. This course discusses the lessee accounting model, including lease classification,
amortization of the right-of-use asset, and interest on the lease liability. This
course also discusses the lessor accounting model, including profit recognition
This course is intended to familiarize the learner with the key aspects of the new
leases standard, FASB ASC 842. When you complete this course you will be able
• Recognize arrangements which 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.
• Recognize business factors to consider when implementing FASB
• Lease classification
• Amortization of the lease asset
• Derecognition of the underlying asset
• Recognition of lease receivables
Experience in application of
Accountants in practice and