FASB ASC 842, *Leases* explained
Understanding lease fundamentals is essential to applying FASB lease requirements appropriately. As such, you'll delve into key concepts that define what a lease is, as well as basic lease accounting topics, such as:
Contracts containing leases
Lease classification
Amortization of the right-of-use asset
Impairment considerations
Lease presentation and disclosure requirements
Comprehensive examples and case studies will guide you through approaches to help you adopt accounting guidance for FASB ASU 2023-01. You'll also review the presentation and disclosure requirements, and other topics, including:
Lease versus non-lease components
Sales-type lease
Direct financing lease
Operating lease
Lease terminations
Learning Objectives
- Recognize arrangements which meet the scope requirements for lease accounting under FASB ASC 842.
- Recognize accounting requirements for lease modifications under FASB ASC 842.
- Recognition presentation requirements for lessees and lessors under FASB ASC 842.
- Identify the recognition criteria for sales-type, direct financing, and operating leases.
Major Topics
Lease classification
Amortization of the leased asset
Derecognition of the underlying asset
Recognition of lease receivables
Lease modifications
Sale and leaseback transactions
