- 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.
- 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