Accounting for Leases (09-23-26)- A/V

CPE Credit: 2 hours

Many organizations use leases for property, plant, and equipment. This course is designed for individuals who would like to obtain a basic understanding of accounting for leases under the FASB and GASB standards. We will discuss the similarities and differences between the FASB and GASB standards. We will review the requirements of ASC 842 and GASB 87. We will discuss lease transactions from the lessor and lessee viewpoint. Examples will be provided for training purposes. 

Learning Objectives:

Upon successful completion of this course, participants will be able to:

1. Identify fundamental lease accounting concepts, terminology, financial statement assertions, and accounting principles applicable to lease transactions.

2. Distinguish the lease accounting requirements applicable under FASB ASC 842 and GASB Statement No. 87, including differences in lease classification, recognition, measurement, and financial reporting.

3. Determine whether a contract contains a lease and classify lease arrangements under applicable accounting guidance, including finance leases, operating leases, short-term leases, and embedded leases.

4. Calculate the initial and subsequent measurement of right-of-use assets and lease liabilities using present value concepts, lease payments, residual value guarantees, and appropriate discount rates.

5. Apply lease accounting requirements to common transactions, including variable lease payments, lease modifications and terminations, subleases, and sale-leaseback arrangements.

6. Identify the financial statement presentation and disclosure requirements applicable to lessees and lessors under FASB and GASB lease accounting standards.