ASC 842 Lease Accounting Standards

Determining Right-of-Use Assets, Financial Reporting Requirements, IFRS 16 Distinctions, Non-Lease Components

Recording of a 110-minute CPE video webinar with Q&A

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Conducted on Tuesday, November 15, 2022

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Course Materials

This course will analyze the Financial Accounting Standards Board's (FASB) lease methods and rules in ASC 842. Our panel of accounting and auditing experts will assist accountants and auditors in defining what constitutes a lease, classifying leases, and determining proper financial statement reporting and disclosure requirements under the standard.


According to ASC 842, "a contract is, or contains a lease if the contract conveys the right to control the use of identified property, plant, or equipment (an identified asset) for a period of time, in exchange for a consideration." The most notable change under the new accounting standard that replaces the old ASC 840 is that operating leases or right-of-use (ROU) assets are included on the balance sheet. ASC 842 is effective for fiscal-year private companies for years beginning after Dec. 15, 2021, and for years ending Dec. 31, 2022, for calendar-year private companies.

Accountants must examine existing leases and lease accounting methods. Obvious considerations include how the new standards affect lease modifications, abandonments, and subleases. Further challenges include determining what constitutes a lease under the new definition, separating a lease from its non-lease components, and the overlap of ASC 842 with other accounting standards, including ASC 360 Impairment or Disposal of Long-Term Assets. Additionally, although there are many similarities between ASC 842 and the International Accounting Standards Board leases standard, IFRS 16, there are significant inconsistencies between the two sets of guidelines.

Listen as our panel of accounting and auditing experts analyzes the requirements of the current FASB standard, ASC 842 for Lease Accounting, including tips for implementing and overcoming the challenges of its provisions.



  1. ASC 842: an overview
  2. What is a lease under ASC 842?
  3. Identifying lease and non-lease components
  4. Determining lease classification
  5. Lease measurement
  6. Lease modifications and abandonments
  7. Financial statements and disclosures
  8. Implementing the new standard
  9. Other relevant standards
  10. IFRS 16 differences


The panel will review these and other critical issues:

  • Separating lease and non-lease components in contracts
  • Accounting for lease modifications and abandonments
  • Required disclosures for lessors under ASC 842
  • Differences in international and U.S. lease reporting standards under IFRS 16 and ASC 842
  • Reporting requirements for operating leases or ROU assets
  • Recommendations for successful implementation and compliance with ASC 842


Scipione, Gino
Gino Scipione, CPA

Cohen & Company

Mr. Scipione has more than 15 years of audit, financial reporting and accounting experience with both public and...  |  Read More

Peborde, Monica
Monica Peborde, CPA


Ms. Peborde is a Dirctor at CohnReznick with more than 15 years of diversified public accounting experience. Ms....  |  Read More

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