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HOW TO AUDIT UNDER THE NEW LEASING STANDARD
October 20, 2020 @ 1:00 pm$40.00
- CPE Credits: 2.0 hours
- Course Level: Intermediate
The revised effective date for private companies’ adoption of the new leasing standard (ASC Topic 842, Leases) is now January 1, 2022! Question: Will you be prepared to properly audit such transactions?
This session is designed to provide external auditors with practical and insightful perspectives on how to audit transactions under the Financial Accounting Standards Board’s (FASB) new leasing standard. You’ll learn the new accounting and financial reporting requirements and how to substantively and analytically test them in accordance with Professional Standards.
Who is the course designed for: Practitioners in public practice who conduct audits of privately-held organizations who have adopted ASC Topic 842.
- Learning about ASC Topic 842, Leases, particularly the FASB’s new take on how operating leases will now be recognized on the balance sheet as well as the new presentation, disclosure requirements, practical application, and how to properly audit them.
- Explain the FASB’s new leasing standard requirements
- Describe and discuss the new accounting and reporting requirements of leases
- Discuss which audit procedures to perform
- How to properly audit the transition requirements and initial adoption of the new standard