Leases: Overview of ASC 842

Whether you're responsible for financial reporting or auditing of financial statements prepared in accordance with U.S. GAAP, you need to make sure you understand the requirements of ASC 842. This overview of ASC 842 CPE-eligible, eLearning course (2.0 CPE) provides you with an comprehensive understanding of accounting for leases. It includes topics like: Identifying “embedded leases” within contracts; determining the lease term, lease payments, and appropriate discount rate; and classifying leases held by both lessees and lessors. The Overview of ASC 842 course concludes with a high-level overview of the accounting for lease by both lessees and lessors.

Topics covered in this overview of ASC 842 CPE course include:

• Introduction to leases
• Lease definition and scope of ASC 842
• Key concepts of lease accounting, including components of a contract, the commencement date, the lease term, lease payments, and discount rate
• Lease classification
• Initial recognition
• Subsequent recognition and measurement

If you are an accountant or auditor looking to understand an overview of the requirements of ASC 842 and accounting for leases, this course is an absolute must! It is easy to understand, has a fun theme, and is full of examples and opportunities to apply what you learn! Looking for a more in-depth exploration of leases? Check out the full ASC 842 course collection, linked below.

Interested in group discounts for your team? Contact us to learn more.

 By the end of this course, you should be able to: 

• Recognize whether a contract contains a lease and is within the scope of ASC 842 
• Recall the information necessary to determine the lease term, lease payments, and discount rate 
• Classify leases held by both lessees and lessors based on the criteria within ASC 842