Kaplan University School of Professional and Continuing Education Kaplan University School of Professional and Continuing Education

Lease Accounting Workshop (LAW)

NEW! 8-Hour Program (Great industry course)

WHY ATTEND THIS COURSE?

FASB’s new lease standard (ASU 2016-02, Topic 842) makes significant changes in lessee accounting and disclosure. Lessor accounting only has minor changes from prior guidance. Effective in 2019 (or 2020 for nonpublic companies), most long-term leases will be capitalized on the balance sheet of lessees as right of use (RoU) assets and lease payment liabilities.

This 8-hour program will take a deep dive into lease accounting based on the new guidance covering all aspects of lessee and lessor accounting and disclosures. It will also illustrate the accounting for finance and operating leases for both lessees and lessors and discuss related business implications of the new lease standard. A number of workshop cases are included for application and discussion purposes.

DESIGNED FOR...

Financial professionals in companies that are lessees or lessors, as well as auditors with clients that are lessees or lessors.

OBJECTIVE

Participants will be able to:

  • Describe the new lease terminology including finance and operating leases
  • Define a lease contract
  • Identify and describe the recognition and measurement techniques for right of use (RoU) assets and lease payment liabilities
  • Through the use of workshop cases, develop the expertise necessary to account for finance leases and operating leases by both lessees and lessors following the new lease guidance

MAJOR SUBJECTS

  • Definition of a lease
  • Searching for embedded leases in contracts
  • Operating leases
  • Finance leases including lease classification
  • Allocating consideration to lease components and non-lease components
  • Identifying the proper lease term
  • Interaction with revenue recognition rules
  • Lease modifications and terminations
  • Transition guidance
  • Disclosures

COURSE ACRONYM: LAW

PRESENTATION METHOD: Group-live

LEVEL OF KNOWLEDGE: Basic

PREREQUISITES:

  • Prior exposure to lease accounting as a lessee or lessor will be helpful

ADVANCE PREPARATION: None

FIELD OF STUDY: Accounting

RECOMMENDED CPE CREDIT: 8 hours


CPE Sponsor icon

SmartPros®, A Kaplan Company and Loscalzo Institute, A Kaplan Company are registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.