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US GAAP ASC 842 Explained: Practical Steps for Lease Account
Rating: 4.2 out of 5(4 ratings)
31 students

US GAAP ASC 842 Explained: Practical Steps for Lease Account

US GAAP ASC 842 Lease Accounting
Created byDr. Kamal Chhabra (US CPA & CA)
Last updated 12/2025
English

What you'll learn

  • The fundamentals of ASC 842 and its scope
  • How to determine whether a contract qualifies as a lease
  • Lease classification for both lessees and lessors
  • Key concepts in lease measurement and calculation
  • Modifications to lease agreements and their accounting treatment
  • Components of lease contracts and how to separate lease from non-lease elements
  • Sale and leaseback transactions explained step by step
  • Important considerations like contract combinations, short-term leases, and sub-leases
  • How to account for leases on land easements
  • Presentation of leases in the financial statements
  • Required disclosures under ASC 842

Course content

9 sections • 9 lectures • 2h 10m total length

  • ASC 842 Overview12:06

    We’ll start with the big picture: what ASC 842 is, why it was introduced, and the key changes it brings compared to earlier guidance. You’ll also get an overview of lease accounting rules, sale-and-leaseback arrangements, and other core concepts that set the foundation for this course.

Requirements

  • Basic understanding of accounting principles and financial reporting.
  • Familiarity with US GAAP concepts is recommended but not mandatory.
  • No prior experience with lease accounting required - the course starts with fundamentals and builds up to advanced applications.

Description

This course provides an in-depth understanding of ASC 842 - Lease Accounting, a crucial standard under US GAAP that governs the recognition, measurement, and reporting of leases. Designed for accounting and finance professionals, the program breaks down the complexities of lease classification, lease measurement, and lease modifications, ensuring compliance with the latest regulatory framework.


Through real-world examples, scenarios,  case studies, and guided explanations, learners will gain the skills to apply ASC 842 in practical scenarios. By the end of the course, participants will be equipped to prepare, analyze, and present lease-related financial information with accuracy and confidence. The course also emphasizes practical challenges faced during implementation, including handling embedded leases, reassessment requirements, transition adjustments, and disclosure needs. With expert guidance, learners will be able to bridge the gap between theory and practice, enabling them to make informed decisions, strengthen compliance, and add measurable value in their professional roles.


Who is this course for?

  • Accounting and finance professionals working in corporates, consulting, or audit.

  • Students pursuing CPA, CMA, or other professional certifications

  • Anyone seeking to enhance their knowledge of US GAAP lease standards

  • Auditors and Consultants looking to provide guidance to their clients on lease recognition, measurement and reporting.

  • Anyone seeking advancement in their career advancements in finance, accounting or financial reporting etc.

Who this course is for:

  • Accounting and finance professionals working in corporates, consulting, or audit.
  • Students pursuing CPA, CMA, or other professional certifications.
  • Anyone seeking to enhance their knowledge of US GAAP lease standards.

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