Virtual

Lease Implementation for Private Entities 2024

Date: Feb. 13, 2025

Time: 8 – 11:30 a.m. PT

CPE: 4

Overview

The Financial Accounting Standards Board (FASB) has issued a new accounting standard for leases. This new standard—ASC Topic 842—replaces the existing ASC Topic 840, changes the accounting for operating leases (requiring capitalization in the financial statements), and upgrades many other lease accounting and reporting aspects.

Product Code
1000002754-125244
Credit Type
CPE: 4
CPE-AA: 4
CPE-Technical: 4
Intended Audience
Accountants and auditors will be able to adequately plan their audit and review engagements regarding the appropriate procedures to be performed to determine their clients’ compliance with the applicable requirements regarding adopting the Lease standard. Internal Accountants can better understand their company's needs to implement the Lease standard.
NASBA Field of Study
- Accounting
- Auditing
Level of Difficulty
Basic
Prerequisites
None
Advance Preparation
None

Learning Objectives

Relevant considerations regarding the implementation of the new standard in upcoming audits and review, particularly for privately-owned companies

Evaluating whether leases have been recorded in conformity with the applicable financial reporting framework

Auditing transition adjustments and disclosures

Considering internal control over financial reporting

Identifying and assessing fraud risks

Evaluating whether the financial statements include the required disclosures regarding leasing transactions

Determine the impact on ratios and financial relationships that will be impacted by the new standard

Major Subjects

Analysis of requirements for lease accounting under ASC 842, including detailed schedules showing journal entries and computations
Analysis of internal control and fraud risk aspects
Identification of high-risk areas of lease accounting and reporting
Suggested audit and review procedures for identified risks

Faculty

Eugene J. Ristaino

Gene develops and provides Continuing Professional Education (CPE) Programs, including in-person seminars and on-line webinars. He also lectures for many industry associations, and has authored numerous professional education programs. Gene provides tailored CPA programs to accounting firms as requested. Gene is also a national instructor for the American Institute of Certified Public Accountants (AICPA) and many state societies. Gene Ristain...

More about Eugene J. Ristaino

Lease Implementation for Private Entities 2024

Overview

Product Code

Credit Type

Intended Audience

NASBA Field of Study

Level of Difficulty

Prerequisites

Advance Preparation

Learning Objectives

Major Subjects

Faculty