Understanding the Lease Standard: Preparing for the Update and How it will Affect Your Business or Nonprofit
Thursday, December 2, 2021 | 11:00AM – 12:00PM
The Financial Accounting Standards Board (FASB) issued the Accounting Standards Update (ASU) No. 2016-02 around Leases (Topic 842) in February 2016 to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Initially set to go into effect for fiscal years beginning after December 15, 2019 for privately held companies and not-for-profit entities the standard was delayed for 2 years and now is effective for years beginning after December 15, 2021.
Join our team of experts as they walk you through the key features of the lease standard, what this ASU will mean for your financial reporting, and how to ensure a smooth transition to this new compliance standard.
Our agenda will include:
- Changes from Current Generally Accepted Accounting Principles (GAAP) – An overview of the main differences between previous GAAP principles and and the new Topic 842.
- Identifying a Lease – An overview of the language changes and terminology that Topic 842 provides on identifying what constitutes a lease and whether or not it is operating or financing.
- Lessee Accounting – We will go over the accounting necessary to record operating and financing (previously known as capital) leases properly under Topic 842 and provide examples for the lessee.
- Disclosures – We will go over the expanded footnote disclosures required as part of Topic 842
- Transition – We will discuss the transition to comply with the standard and practical expedients that are available.
Join the discussion today – click below to register!