This course provides an overview of the accounting standards related to lease transactions, equipping participants with the skills to identify situations where the standards apply and to understand their historical context and purpose. Through in-depth analysis, participants will learn to distinguish between leases and service contracts, classify leases appropriately, and apply key provisions for both initial and subsequent measurement. The course also covers finance and operating leases for lessees, the disclosure requirements, and the potential impact of these standards on stakeholders.
Learning Objectives
Upon successful completion of this course, the participant should be able to:
Identify the situations to which the standard applies
Describe the history and reasons for the standard
Identify the difference between a lease and a service contract
Identify the proper classification of a lease
Apply the provisions for initial measurement
Apply the provisions for subsequent measurement
Apply the provisions for a finance lease for a lessee
Apply the provisions for an operating lease for a lessee
Describe the required disclosure
Describe the potential impact of the standard on stakeholders
