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.
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.
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
- 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.