Overview
FASB ASC 842, Leases, standards decoded
By learning essential information about lease accounting requirements, you'll understand the core principles of the standards and how to apply them. You'll explore topics, such as:
Identification
Recognition
Measurement
Presentation and disclosure requirements
Deliberate application of lessee accounting model
You'll also learn about classifying leases, the amortization of the right-of-use asset, and the interest on a lease liability. Additional topics include:
Short-term leases
Purchase options
Variable lease payments
Sale and leaseback transactions
Leveraged leases
Prerequisites
Experience in application of accounting standard
Objectives
- Recognize arrangements which meet the scope requirements for lease accounting under FASB ASC 842.
- Recognize lessee accounting requirements for operating leases and finance leases under FASB ASC 842.
- Recognize lessor accounting requirements for sales-type, direct financing and operating leases under FASB ASC 842.
- Recognize accounting requirements for lease modifications under FASB ASC 842.
- Recognize accounting requirements for sale and leaseback transactions under FASB ASC 842.
- Recognize presentation requirements for lessees and lessors under FASB ASC 842.
Highlights
Lease classification
Amortization of the lease asset
Derecognition of the underlying asset
Recognition of lease receivables
Lease modifications
Sale and leaseback transactions
Presentation and disclosure requirements
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