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.