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In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The objective was to increase transparency and comparability in financial reporting by requiring balance sheet recognition of leases and disclosing information about lease arrangements. This update provided much-anticipated new guidance for lease accounting through the release of ASC 842, a new section of accounting standards codification ultimately superseding ASC 840.
While Topic 842 would be updated several more times in the years to come, ASU 2016-02 provided accountants with a first look at new guidance on leases applicable to both public and private companies in the coming years.
Join Chris Vasquez and Mark Phillips to review the new standard and applicable guidance. Chris and Mark will walk through the steps to calculate the lease liability for lessee accounting and review changes for lessor accounting. They will review presentation, disclosures, and transition requirements and help examine what reporting entities should do now.
- Recall key concepts from ASC Topic 842.
- Review how to calculate ROU (right of use) assets, analyze schedules, and differentiate journal entries for finance and operating leases.
In order to be awarded the full credits, you must respond to 75% of polls asked during the webinar.
Participants will earn 1.8 CPE credits.
Field of Study: Accounting
Who Should Attend: CFOs, CPAs, bankers, sureties, professional advisors, and anyone with basic knowledge of ASC 842 that is planning to implement or is in the process of implementing the new lease standard
Advanced Preparation: None
Program Level: Update
Delivery Method: Group Internet Based
No Fee: For more information regarding complaints and program cancellation, please contact our offices at 301-231-6200.
Aronson LLC 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.