Brief Introduction
Classification, Accounting and Transition of LeaseDescription
This course is all about the standard ASC 842 (US GAAP). In this course we covered about the basic understanding of lease, classification of lease, accounting of lease with practical examples in excel in the books of lessee, Transition from ASC 840 to ASC 842 along with example in excel and finally we covered the major differences from ASC 840 to ASC 842.
Requirements
- Requirements
- Any person with basic accounting knowledge
Knowledge
- 1. Understanding of lease - ASC 842 (Including exclusions and exemptions)
- 2. How to classify a lease?
- 3. Overview of lease accounting in the books of lessee
- 4. Calculation of Right of use asset, lease liability, initial direct costs and Lease advance payments
- 5. Accounting treatment for sales tax involved in lease payments.
- 6. Presentation of items in balance sheet, Income statement and Cash Flow
- 7. Finance lease example - Preparation of schedules for Right of use asset and lease liability, Journal entries and ledger impact
- 8. Operating lease example - Preparation of schedules for Right of use asset and lease liability, Journal entries and ledger impact
- 9. Comparison of Finance lease and Operating lease based on above examples
- 10. Transition from ASC 840 to ASC 842, Transition methods , Practical expedients and Effective dates
- 11. Practical example on how to do transition from ASC 840 to ASC 842, Deferred rent, Preparation of schedules for Right of use asset and lease liability, Journal entries and ledger impact
- 12. Major differences from ASC 840 to ASC 842
Pranay Kumar Chatakonda
4.7 Raiting
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A basic introduction to the new lease accounting standard (ASC Topic 842) This course provides a basic understanding of the new leases standard, issued by FASB in February 2016....
