ASC 842 LEASES: AN INTRODUCTION TO LESSEE ACCOUNTING
The accounting for leases is changing significantly. Thanks to the now required implementation of ASC 842, which demands that lessees record nearly all leases on their balance sheets, public businesses are now seeing their balance sheets “blowing up.” It’s not just public businesses, as non-public companies are being put on notice for an upcoming effective date of their own ASC 842 mandates.
The FASB’s proposed delay of the effective date of ASC 842 for non-public business entities has allowed those organizations more time to get their affairs in order. But a recent survey by Deloitte found that only 26% of public company execs say their ASC 842 implementations are complete. This is especially shocking considering the implementation should already be in effect! The delay won’t go on much longer, and when it’s time to comply – is your organization ready?
By the end of the course, you will:
- Determine the right-of-use (ROU) asset and lease liability to be recorded by the lessee on the commencement date.
- Recall the subsequent accounting by lessees for finance leases.
- Recall the subsequent accounting by lessees for operating leases.
This 1-hour webinar covers many topics of lessee accounting under ASC 842. Through exercises to apply new learning, by the end of the webinar you should be able to identify embedded leases, identify assets, determine lease liabilities and more. This webinar is previously recorded. While the content is available for review, CPE credits will not be distributed in correlation with this webinar recording.
Watch the Webinar