This course will focus on certain key accounting, auditing and implementation aspects of ASC 842, Leases. The course will highlight key changes in lease accounting for lessees and lessors, but will also focus on the transition requirements of the standard and those technical aspects important to the implementation of this new standard.
At the end of this course, participants should be able to:
Identify key changes in lease accounting for lessees and lessors under ASC 842 compared to ASC 840
Recognize the definition of the lease and how to identify and allocate consideration to lease and non-lease components under ASC 842
Identify the transition requirements under ASC 842, including the available practical expedients