It’s coming! ASC 842 Leases for private companies, that is. After several delays by the FASB, ASC 842 is effective for private companies for fiscal years beginning on or after December 15, 2021, or beginning January 1, 2022, for entities with calendar year ends. Are private companies prepared? Well, according to a recent Accounting Today article, they are not! And they’ll be looking to your firm for help. Are you prepared? Don’t fret. GAAP Dynamics is here to help with several virtual lease accounting training options to help your firm get prepared!

Recommended Courses

For most firms, we recommend the following courses:

• Leases: Overview of ASC 842
• Leases: Lessee Accounting Explained
• Leases: Changes After the Commencement Date

Leases: Overview of ASC 842

This course provides an overview of the requirements of ASC 842 Leases for both lessees and lessors, including identifying embedded leases, determining the key inputs, and classifying leases as either operating or finance. This a great starting point for your ASC 842 journey.

Leases: Lessee Accounting Explained

Under ASC 842, nearly all leases are recorded by lessees on the balance sheet regardless of their classification. In this course, we explore the dual model for lessee accounting, including initial recognition, measurement, and subsequent accounting for both operating and finance leases.

Leases: Changes After the Commencement Date

In this course you’ll learn about the accounting for changes that occur after the commencement date, including modifications to the lease agreement, reassessment of key terms of the contract, and remeasurement of the right-of-use (ROU) asset and lease liability.

We also have a fourth course, Leases: Lessor Accounting Explained, but this would only be applicable if your firm deals with lessors, which most do not.

For an overview of ASC 842 Leases and to learn more about our recommended courses, check out this post.

Two Delivery Options: Instructor-Lead Training (ILT) and/or eLearning Courses

Instructor-Led Training (ILT)

There is nothing quite like live training. It gives participants the ability to interact with each other and ask questions of the instructor. It also gives the instructor the ability to tailor the discussion to the audience. And nobody does it better then GAAP Dynamics! Whether on site at your location or via webinar, we guarantee that our expert facilitators will engage your people. And if they’re engaged, they’re learning!

The cost for 1-day, live training (8 CPE) at your location is $10,000 plus out-of-pocket costs for travel. The cost for three, 2-hour live webinars (6 CPE) is $12,000.

eLearning Course Collection

We’ve bundled all four eLearning courses (6 CPE) into a collection at a discounted price of $299 per learner and it’s available for purchase now! Need to train a group? We offer bulk discounts as follows:

• 10% discount (10-25 learners)
• 20% discount (26-50 learners)
• 35% discount (51-100 learners)
• 50% discount (100+ learners)

Blended Approach

Want the best of both worlds? Live training for those that want it and asynchronous eLearning for those that prefer that modality or were unable to attend the live offering. If so, our blended approach is for you! For $20,000 for up to 100 learners, you can have a live offering (either a 1-day live session at your location or three, 2-hour webinars) and access to our ASC 842 Leases eLearning collection. Each additional learner over 100 is only $49.

Next Steps

Want a chance to sample our training before you buy? Check out a recording of our webinar, An Introduction to Lessee Accounting, here. You can also see the first two modules of our first eLearning course, Leases: Overview of ASC 842, at this page (just scroll half way down the page and hit the play button).

ASC 842 is here. Are you ready to capitalize on the opportunity? Let’s talk about how GAAP Dynamics can help you get up to speed!

About GAAP Dynamics  

We’re a DIFFERENT type of accounting training firm. We don’t think of training as a “tick the box” exercise, but rather an opportunity to empower your people to help them make the right decisions at the right time. Whether it’s U.S. GAAP training, IFRS training, or audit training, we’ve helped thousands of professionals since 2001. Our clients include some of the largest accounting firms and companies in the world. As lifelong learners, we believe training is important. As CPAs, we believe great training is vital to doing your job well and maintaining the public trust. We want to help you understand complex accounting matters and we believe you deserve the best training in the world, regardless of whether you work for a large, multinational company or a small, regional accounting firm. We passionately create high-quality training that we would want to take. This means it is accurate, relevant, engaging, visually appealing, and fun. That’s our brand promise. Want to learn more about how GAAP Dynamics can help you? Let’s talk!

Disclaimer  

This post is published to spread the love of GAAP and provided for informational purposes only. Although we are CPAs and have made every effort to ensure the factual accuracy of the post as of the date it was published, we are not responsible for your ultimate compliance with accounting or auditing standards and you agree not to hold us responsible for such. In addition, we take no responsibility for updating old posts, but may do so from time to time.