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
Learning 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.
Major Topics
- Lease classification
- Amortization of the leased asset
- Derecognition of the underlying asset
- Recognition of lease receivables
- Lease modifications
- Sale and leaseback transactions
