CPE Course Lease Accounting in Transition

December 3, 2019

8:30am — 12:15pm

Location Manchester

Member Price $129.50Register after November 12 and pay $139.50
Non-member Price $179.50Register after November 12 and pay $189.50

Curriculum Accounting & Audit

Field of Interest Accounting (General)

Level Beginning

Designed For

Accounting and financial professionals in companies that are lessees or lessors, as well as auditors with clients that are lessees or lessors.

Objective

WHY ATTEND THIS COURSE?
After years of discussion, FASB finalized a new lease standard (ASU 2016-02, Topic 842) that makes significant changes in lessee accounting and disclosure. Lessor accounting is virtually unchanged from prior guidance. Effective in 2019 (or 2020 for nonpublic
companies), most long-term leases will be capitalized on the balance sheet as right of use (ROU) assets and lease payment liabilities.
This 4-hour program will cover lease definition, lease classification, lease accounting, and lease disclosures for both lessees and lessors. It will also illustrate the accounting for finance and operating leases for both lessees and lessors. Related business implications of the new lease standard will also be addressed.

Participants will be able to:
• Describe the new lease terminology including finance and operating leases
• Define a lease contract
• Identify and describe the recognition and measurement techniques for ROU assets and lease payment liabilities
• Account for finance leases and operating leases by both lessees and lessors following the new lease guidance

Highlights

• Definition of a lease
• Lease classification
• Operating leases
• Finance leases
• Disclosures

Instructors

Rebecca Lee, CPA

REBECCA M. LEE, CPA is a discussion leader for LOSCALZO ASSOCIATES LTD. She was a principal organizer of Brooke, Freeman & Lee, Birmingham, Alabama, in 1982. As the Firm’s audit partner, she is responsible for the Firm’s audit practice and serves as a quality control reviewer for other firms. She has served on numerous AICPA and state society committees including the AICPA Management Consulting Service Professional Practice Subcommittee and Small Business Consulting Practices Subcommittee and is a past member of the Institute’s MAS Executive Committee and Personal Financial Planning Executive Committee. She has chaired both the Management Advisory Committee and the Personal Financial Planning Committee of the Alabama Society of CPAs. She currently serves as Chairman of the South Carolina Association of CPAs’ Continuing Professional Education Committee. She holds a BS degree in Accounting from Jacksonville State University, Jacksonville, Alabama, along with a Masters Degree in Accounting from Birmingham Southern College, Birmingham, Alabama. Ms. Lee is a discussion leader for all staff level audit training programs as well as, other accounting and auditing technical courses. She is a frequent speaker at CPA conferences, and has lectured extensively in the area of management advisory services at professional meetings and seminars for state societies and the American Institute of CPAs. Ms. Lee has served as professor of management accounting in the graduate studies (Master in Public and Private Management) program at Birmingham-Southern College. She is a member of the Alabama Society of CPAs, the South Carolina Association of CPAs and the AICPA.close

Prerequisites

Prior exposure to lease accounting as a lessee or lessor will be helpful

Developer

Loscalzo Associates, Ltd.

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