GAAP for Leases
The Financial Accounting Standards Board revolutionized accounting for leases with the issuance of Accounting Standards Update 2016-02. The new lease accounting rules will have a major impact on the financial statements of any organization that leases any type of property or equipment, and may have a detrimental impact on contractual obligations, such as loan covenants. The new rules are already in effect for public companies and will go into effect for private companies and nonprofits in 2021. This course will familiarize you with the new rules and will help you navigate their complexity.
•What is a Right of Use Asset?
•Types of Arrangements that are Subject to the New Accounting Rules for Leases
•The Four Steps necessary to Calculate the Right of Use Asset
•Determining the Lease Term
•Identifying the Various Types of Lease Payments
•Choosing a Suitable Discount Rate
•Additional Elements Incorporated into the ROU Asset
•The 12-Month Policy Election
•Accounting for Operating Leases Under the New Standard
•Accounting for Finance Leases Under the New Standard
Chuck Borek is a practicing attorney and founder of the Borek Group, LLC. Chuck is also a CPA, and his background includes five years as a partner in a public accounting firm. He received his law degree and MBA summa cum laude from the University of Baltimore in 1993, where he was editor-in-chief of the Law Review. He has been teaching professionally since 1989, including four years as an Associate Professor of Accounting and two years as a Visiting Assistant Professor of Law. He ha... View Full Profile