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