The major topics that will be covered in this class include:
- FASB's Accounting Standard Update for Leases Topic 842
- Key differences between FASB ASC Topic 842 and ASC Topic 840
- Commitments that are on the balance sheet - Operating leases and finance leases
- Allocating consideration to lease and non-lease components
- Lease payments, discount rate, inception date, commencement date, lease term
- Impairments of right of use asset, modifications, subleases
- Policy elections and disclosures