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

This course provides an in-depth overview of the lease accounting standards issued by the Financial Accounting Standards Board (FASB) in February 2016.  This includes a discussion of the primary reasons for the change as well as how to identify a lease within a contract.  This course also provides an in-depth review of lease classification, initial measurement, subsequent measurement, presentation & disclosure, as well as transition requirements.  The course concludes with a discussion of some of the significant differences between IFRS 16 (the IASB's lease accounting standard) as well as private company considerations. 

Learning Objectives:

1. Recognize how the leasing standard has evolved and how the new standard is organized

2. Determine whether an arrangement contains a lease

3. Identify considerations with respect to substitution rights and decision-making rights

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

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

6. Identify the recognition criteria for sales type, direct financing, and operating leases

7. Identify the overall requirements with respect to lease modifications

8. Identify the criteria used for sale and leaseback transactions

9. Identify the considerations with respect to a lessee's involvement in the construction of a leased asset

10. Identify the presentation requirements for both lessees and lessors

Instructional Method: Self-Study

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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.