The Bottom Line on the New Lease Accounting Requirements

Overview

FASB ASC 842, Leases explained
Understanding lease fundamentals is essential to applying FASB lease requirements appropriately. As such, you’ll delve into key concepts that define what a lease is, as well as basic lease accounting topics, such as:

Contracts containing leases

Lease classification

Amortization of the right-of-use asset

Impairment considerations

Lease presentation and disclosure requirements
Comprehensive examples and case studies will guide you through approaches to help you adopt accounting guidance for FASB ASU 2023-01. You'll also review the presentation and disclosure requirements, and other topics, including:

Lease versus non-lease components

Sales-type lease

Direct financing lease

Operating lease

Lease terminations

Highlights

Lease classification

Amortization of the leased asset

Derecognition of the underlying asset

Recognition of lease receivables

Lease modifications

Sale and leaseback transactions

Prerequisites

Experience in application of accounting standards

Designed For

Accountants and finance professionals

Objectives

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.