Founder & CEO, Galasso Learning Solutions
This session offers an in-depth look at the new leases standard, which requires organizations to recognize lease assets and liabilities on the balance sheet. This comprehensive session will cover recognition, measurement, as well as presentation and disclosure requirements as well as focus on a key area of change which is proper identification of a lease using a principles-based approach. We will discuss implementation requirements from both the lessee and lessor accounting models. In addition, we explore a variety of scenarios including short-term leases, purchase options, variable lease payments, and remeasurement. As usual, this GLS course is up-to-date, offering practical journal entry examples, lessons learned from implementation, and explores recently issued amendments to the lease accounting guidance.
Attendees will be able to:
- Define a lease under the new leases standard
- Apply recognition and measurement requirements of the new leases standard.
- Describe the presentation and disclosure requirements of the new leases standard.
- Prepare journal entries necessary to account for leases as both a lessee and lessor.