Implementing ASC 842 New 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
This course will analyze the Financial Accounting Standards Board's (FASB) new 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 new standard.
Outline
- ASC 842: an overview
- What is a lease under ASC 842?
- Identifying lease and non-lease components
- Determining lease classification
- Applying the appropriate accounting model
- Financial statements and disclosures
- Implementing the new standard
- Other relevant standards
- IFRS 16 differences
Benefits
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
- New reporting requirements for operating leases or ROU assets
- Recommendations for successful implementation and compliance with ASC 842
Faculty
Greg Eardley, CPA
Director, Accounting & Reporting Advisory Services
BDO USA
Mr. Eardley has 14 years of accounting experience focused on providing financial accounting advisory services,... | Read More
Mr. Eardley has 14 years of accounting experience focused on providing financial accounting advisory services, including advice on IPOs, International Financial Reporting Standards (IFRS), debt and equity financing, revenue recognition, mergers and acquisitions, consolidations, inventory costing, and SEC financial reporting. He is a director in BDO's Accounting & Reporting Advisory Services
practice. In this role, Mr. Eardley assists clients in implementing new accounting standards, analyzing accounting and financial reporting requirements of complex transactions, and advising on the proper application of accounting guidance to client transactions
Jon Eilertsen, CPA
Partner, Accounting & Reporting Advisory Services
BDO USA
Mr. Eilertsen serves as a partner for the firm’s Accounting & Reporting Advisory Services group (ARAS). As a... | Read More
Mr. Eilertsen serves as a partner for the firm’s Accounting & Reporting Advisory Services group (ARAS). As a member of the ARAS group, he concentrates his practice in the areas of capital markets access, transaction structuring and execution, accounting standards implementation, and operational effectiveness, including those matters related to technical accounting and financial reporting under U.S. GAAP and other bases of accounting. Mr. Eilertsen has nearly 11 years of capital markets, technical accounting, and financial reporting experience. His capital markets access and transactional experience includes mergers, acquisitions, and divestitures. Mr. Eilertsen has experience in respect to accounting and financial reporting matters relates to, among other topics, the implementation of ASC 842, ASC 326, ASC 606, preparation of financial statements and other SEC filings, systems ERP conversions, accounting for business combinations, debt modifications, and consolidation. In addition, he has extensive experience in the performance of both private and public company audits.
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