The Bottom Line on the New Lease Accounting Requirements

Presented by Daryl Krause

Presentation type = pre-record/rebroadcast

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

Accountants and finance professionals

• 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.

Lease classification

Amortization of the leased asset

Derecognition of the underlying asset

Recognition of lease receivables

Lease modifications

Sale and leaseback transactions