Preparing for the New Leases Standard (ASC 842)

The new leases standard presents a critical element in accounting for the treatment of leases, requiring, among other things, nearly all leases to be presented on the balance sheet. 

Watch our free on-demand webcast featuring Wayne Kerr, Principal Consultant, Tax Products – Learning at Thomson Reuters, Sonia Chopra, Live Learning Instructor/Consultant – AuditWatch, Tax Products – Learning at Thomson Reuters, and Pilar Garcia, Executive Editor, Tax Products – Editorial at Thomson Reuters, as they provide insight into various aspects of the new leases standard.

This session is designed to provide an overview of the new lease guidance, and focuses on those provisions representing major substantive changes to financial reporting. Emphasis includes areas such as lease definition, lease classification, balance sheet presentation, transition, lease term, lease payment, lessee accounting, implementation considerations and disclosure requirements. The discussion includes illustrative examples and demonstrations, like the use of decision tools and practice aids, that provide insight into how the practitioner can more efficiently deal with the technicalities associated with various aspects of the new standard.

After watching this on-demand webcast, you should be able to:

• Define a lease according to the new lease standard, describe the lease accounting requirements and list the key concepts
• Summarize the implementation considerations
• Describe the recent activities of the FASB
• Describe various tools that can be used to facilitate the process of applying various aspects of the guidance to lease accounting
• Summarize the transition and disclosure requirements

Watching this recorded webcast does not qualify for CPE credit.