28 Oct 2020

Highlights

  • CPE Credit:
  • 2 hours for CPAs
  • Level: Intermediate
  • NASBA Field of Study: Accounting (1 hour), Auditing (1 hour)
  • Group: Internet-based
  • Program Prerequisites: General knowledge of ASC Topic 842 and AICPA Professional Standards.
  • Regular Fee $100.00
  • Group Participant Fee $77.00

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 Should Attend: Practitioners in public practice who conduct audits of privately-held organizations who have adopted ASC Topic 842.

Topics Covered

  • ASC Topic 842, Leases
  • FASB’s new take on how operating leases will now be recognized on the balance sheet
  • New presentation and disclosure requirements
  • Practical application and how to properly audit them
  • Learning Objectives
  • Recognize the FASB’s new leasing standard requirements
  • Identify the new accounting and reporting requirements of leases
  • Identify which audit procedures to perform
  • Recognize how to properly audit the transition requirements and initial adoption of the new standard

15 Oct 2020

Private companies and other nonpublic reporting entities must soon adopt the new accounting standard for leases, FASB ASC Topic 842.  This 4-hour afternoon program focuses on a lessee’s initial application of Topic 842 to existing leases, which will require the immediate attention of nearly every nonpublic reporting entity.

In this practical, hands-on workshop, participants will learn how to apply “Day 1 accounting” under Topic 842 to their identified transition population of leases.

Credits: 4.0

Level: Basic

Prerequisities: Prior exposure to lease accounting as a lessee as well as an understanding of how to determine the transition population of leases under the new standard will be helpful.


Objectives

Participants will be able to:

  • Determine the term of each transition-population lease
  • Determine the relevant remaining payments associated with each lease in the transition population
  • Calculate the initial liability for each operating lease in the transition population
  • Determine the initial accounting adjustments for each transition-population lease
  • Document a lessee’s initial application of Topic 842

Highlights

  • Managing the risks of material misstatement
  • Time-saving practical expedients
  • Calculating present value for a lease’s remaining payments
  • Examples of documentation that will avoid internal-control deficiencies and maximize audit efficiency

Who Will Benefit

CPAs, accountants, and other financial professionals in industry who have a role in helping their organizations transition to Topic 842.

14 Oct 2020

Public and private companies with stock, options, and restricted shares generally make equity-based, non-cash payments to employees and directors as part of their compensation. This course provides an accounting resource for companies making equity-based payments and illustrates the financial statement impact of equity-based payments. ASC 718, Compensation-Stock Compensation, provides accounting guidance for share-based payment transaction with employees. ASC 505-50, Equity-Based Payments to Non-Employees, provides accounting guidance for non-employee payment transactions, such as to members of the Board of Directors.

Credits: 8.0

Level: Basic

Prerequisites: None

Objectives

  • Participants will be able to:
  • Measure equity awards granted to employees
  • Recognize compensation cost
  • Account for equity awards classified as liabilities
  • Account for equity-based transaction payments to nonemployees
  • Understand presentation and disclosure in the financial statements

Highlights

  • Introduction to equity-based payments
  • Measurement, recognition, presentation, and disclosure
  • ASC 718, Compensation-Stock Compensation
  • ASC 505-50, Equity-Based Payments to Non-Employees
  • ASU 2017-09, (Topic 718) Scope of Modification Accounting
  • ASU 2018-07, (Topic 718) Improvements to Nonemployee Share-Based Payment Accounting

Who Will Benefit

  • CPAs, accountants, chief financial officers, controllers, and other financial professionals in organizations that make equity-based payments to employees as a part of their compensation plans or that make equity-based transaction payments to directors or suppliers.