Lease Accounting - Making Sense of the Standard 26-27
4.00 Credits
Member Price $175
Non-Member Price $229
Overview
This program makes sense of the controversial lease standard. The subtleties of the standard make it difficult to implement and monitor. There will be a detailed discussion on what constitutes a lease, how to monitor them, and ongoing challenges.
Highlights
• What control of assets constitute a lease • Embedded leases • Fixed and variable consideration • Determining the lease term • Modifications and assessments • Related party leases • Presenting leases on financial statements • Components of calculating liabilities and rights of use
Prerequisites
None.
Designed For
CPAs and other financial professionals in public and private practice.
Objectives
• Understanding of application of the new lease standard. • Recognize the differences between the old standard in Topic 840 and the new standard in Topic 842. • Recognize the applicability of the standard and the challenges in identifying when a lease exists. • Calculate and report lease liabilities and right-of-use assets • Determine how to calculate the lease term, lease payments, and lease reclassifications. • Identify the financial statement presentation of leases on the balance sheet, income statement, and statement of cash flow.
Preparation
Working knowledge of the topic.
Leader(s):
Leader Bios
Kenneth Heaslip, Kaplan Financial Education
Kenneth Heaslip, MS, MBA, CPA, CGMA, is a discussion leader and group practice leader in professional ethics for Loscalzo Associates Ltd. He is a frequent speaker in all areas of accounting and taxation as well as careers in accounting. He has served as vice president of the NJSCPA and Secretary of their Scholarship Fund. He is an active member of several Society committees in taxation and student affairs and is currently the chair of the State Educators Committee. A past President of the Essex Chapter of the NJSCPA, as well as Trustee of the State Society, Kenn is a Director at Leaf, Saltzman, Manganelli, Tendler, & Miele LLP in Fairfield, NJ, a regional CPA firm. Kenn is also an Associate Professor of Accounting at Bloomfield College. He previously was an Executive in Residence at Seton Hall University where he was the students’ choice as ?Educator of the Year? two years in a row. He taught in the Executive MBA program at Rutgers University and has been with Becker CPA Review since 1983. Until 1998, Kenn was the National Director of the Becker CPA Review Course, where he was responsible to oversee and train over 350 instructors as well as be the lead editor of the course materials. Kenn lectured extensively throughout the United States, as well as in Canada and Asia.
Non-Member Price $229
Member Price $175