FASB ASC 842, *Leases*, standards decoded
By learning essential information about lease accounting requirements, you’ll understand the core principles of the standards and how to apply them. You’ll explore topics, such as: Identification Recognition Measurement Presentation and disclosure requirements
Deliberate application of lessee accounting model
You’ll also learn about classifying leases, the amortization of the right-of-use asset, and the interest on a lease liability. Additional topics include: Short-term leases Purchase options Variable lease payments Sale and leaseback transactions Leveraged leases
Learning Objectives
- 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 accounting requirements for lease modifications under FASB ASC 842.
- Recognize accounting requirements for sale and leaseback transactions under FASB ASC 842.
- Recognize presentation requirements for lessees and lessors under FASB ASC 842.
Major Topics
- Lease classification
- Amortization of the lease asset
- Derecognition of the underlying asset
- Recognition of lease receivables
- Lease modifications
- Sale and leaseback transactions
- Presentation and disclosure requirements
