Basic accounting, financial reporting, and disclosure requirements under FASB ASC 842, Leases are explained for accounting and finance professionals. 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 nonlease components - Sales-type lease - Direct financing lease - Operating lease - Lease terminations Who Will Benefit - Accountants and finance professionals Key Topics - Lease classification - Amortization of the leased asset - Derecognition of the underlying asset - Recognition of lease receivables - Lease modifications - Sale and leaseback transactions Learning Outcomes - 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.