Which leases are within the scope of FASB ASC 842, Leases, and what are the basic accounting, financial reporting, and disclosure requirements? This course addresses those questions by focusing on the basic core principles of this major standard. We clarify the essential topics such as the identification, recognition, measurement, presentation, and disclosure requirements for leases. You'll learn to apply the standard by completing engaging case studies incorporated throughout the course. Additionally, you'll explore the lessee accounting model, lease classification, amortization of the right-of-use asset, and the calculation of interest on the lease liability. You'll also examine the accounting model for lessors and key considerations, such as profit recognition and the assessment of collectability.
Learning Objectives
When you complete this course, you will be able to: ? Recognize arrangements which meet the scope requirements for lease accounting under FASB ASC 842. ? Recognize accounting requirements for lease modifications under FASB ASC 842. ? Recognition presentation requirements for lessees and lessors under FASB ASC 842. ? Identify the recognition criteria for sales-type, direct financing, and operating leases.
Major Topics
? Lease classification ? Amortization of the leased asset ? Derecognition of the underlying asset ? Recognition of lease receivables ? Lease modifications ? Sale and leaseback transactions
