Lease Accounting and Reporting What You Need to Know - 2024 (Text Based)

This course provides an overview of the current lease accounting standard issued by the Financial Accounting Standards Board (FASB) prescribed within Accounting Standards Codification (ASC) Topic 842.  This includes a discussion of the reasons for the change from the previous standard, how to correctly identify a lease within a contract, and the overall recognition, measurement, subsequent measurement, and disclosure requirements.  This course also provides examples of real-world disclosures as well as challenges faced by entities post-adoption.


Learning Objectives:

1. Determine whether an arrangement contains a lease

2. Identify considerations with respect to substitution rights

3. Identify the criteria for the new finance lease and short-term leases

4. Recognize the recognition and measurement requirements for both lessees and lessors

5. Identify the requirements related to lease modifications

6. Identify presentation and disclosure requirements for both lessees and lessors

Instructional Method: Self-Study

Review Date: 10/22/2024

Required Components: Written Materials

CPE Final Exam Required Passage Grade: 70%

Please Note: This course must be completed within 1 year of the date of receipt of this course for CPE Credit.

Field of Study: Accounting

Level of Knowledge: Beginner

Prerequisite: None

Advanced Preparation: None

For more information regarding administrative policies such as refunds, cancellations, and complaints, please contact FurtherEd at (912) 666-6282.

FurtherEd is 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.