Lease Accounting Fundamentals - ASC Topic 842
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Lease Accounting Fundamentals - ASC Topic 842

This course provides a basic understanding of the new lease accounting rules (ASC Topic 842).
4.0 (2 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
5 students enrolled
Last updated 6/2017
English
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Includes:
  • 2 hours on-demand video
  • 2 Articles
  • 2 Supplemental Resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • Discover the new accounting rules pursuant to Accounting Standards Codification (ASC) Topic 842, Leases.
  • Explore the accounting for Finance and Operating leases for Lessees.
  • Explore the accounting for Operating, Direct Financing, and Sales-Type leases for Lessors.
  • Discover how to calculate right of use asset, lease liability, interest expense, and amortization of the leased asset.
  • Discover specific examples of lease accounting for both Lessee and Lessor.
  • Discover the concept of straight lining of leases.
  • Recognize the advantages and disadvantages of leasing.
  • Identify the new financial statement disclosures for leases.
View Curriculum
Requirements
  • Prerequisite: Basic proficiency in US GAAP accounting.
Description

This course provides a basic understanding of the new lease accounting rules pursuant to Accounting Standards Codification (ASC) Topic 842, Leases, issued in February 2016. ASC 842 makes substantial changes to the accounting for leases, primarily for the Lessee.

A lease conveys the right to the Lessee to control the use of the identified property, plant, or equipment for a period of time in exchange for consideration to the Lessor. For the Lessee, leases are either Finance leases or Operating leases.  The Lessee will record a right of use asset and lease liability for all leases with a term greater than one year. A Finance lease must meet one of five requirements, four of which are similar to prior capital lease accounting. If a lease is not a Finance lease, it’s an Operating lease. Most leases of equipment will be Finance leases and space leases will be Operating leases. For the Lessor, a lease is either an Operating lease, Direct Financing lease or Sales-Type lease. In general, the accounting for the Lessor has not changed substantially from the prior rules.

Accounting for leases from both the Lessee's and Lessor's perspective will be analyzed as well as lease straight lining, advantages and disadvantages of leasing, financial statement disclosure and the financial impact of the new rules. 

Who is the target audience?
  • Anyone interested in Finance Leases.
  • Anyone interested in Lease Accounting.
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Curriculum For This Course
12 Lectures
01:47:17
+
Introduction
10 Lectures 01:47:15



Lessor Accounting
08:29

Advantages and Disadvantages of Learning
02:13

Lease Straight Lining
03:49

Financial Statement Disclosure
02:55

Financial Impact of New Lease Rules
09:46

Summary
03:56

New Lease Accounting 101 Continuous Play
53:37
+
Supporting Materials
2 Lectures 00:02
Slides: Lease Accounting 101
00:01

Lease Accounting 101 Glossary/Index
00:01
+
Review and Test
0 Lectures 00:00

Review Questions: Lease Accounting 101

Review Questions
3 questions

Final Exam: Lease Accounting 101

Final Exam
5 questions
About the Instructor
Illumeo Learning
4.3 Average rating
75 Reviews
692 Students
175 Courses
Condensed and Efficient Courses for Busy Professionals

Illumeo, incorporated in 2009, is revolutionizing the hide-bound world of corporate learning. Illumeo works with corporate professionals and organizations of all sizes to build the skills and capabilities that help everyone be an expert at their job.

Based in Silicon Valley, CA, Illumeo serves thousands of corporations and corporate professionals across Finance, Accounting, Human Resources, Sales and Marketing. The platform offers assessments, industry-benchmarked competency analyses, hundreds of expert-developed courses, collaborative tools, and the ability for companies to self-publish internal courses that promote institutional knowledge retention and dissemination.

Illumeo is the place for expertise management and we are dedicated to the proposition that everyone can be an expert at their job.

Joseph Ori (Illumeo)
4.0 Average rating
3 Reviews
32 Students
7 Courses

oseph J. Ori, is President and Chief Executive Officer of the company and is responsible for all business of the company. Mr. Ori is a highly accomplished real estate and corporate finance executive with significant knowledge and experience is all facets of commercial real estate including; investment, finance, capital markets, development, capital raising, management, brokerage and advisory services. Mr. Ori has completed more than $3,200,000,000 in real estate/corporate finance transactions since 1981. As a real estate executive, Mr. Ori has been a decisive leader with proven success in capital raising, deal structuring, investment strategy and strategic planning for producing profitable growth for both start-up and large real estate organizations.

Prior to forming Paramount, Mr. Ori was Senior Vice President of NRC Realty & Capital Advisors, Chief Investment Officer of Rhodes Group, LLC, a Las Vegas based land and home developer, President and Managing Partner of Rochdale Property Ventures, the real estate investment group of Rochdale Investment Management, a New York based investment management firm, Practice Director of the Chicago Real Estate Advisory Group of BDO Seidman, LLP, a National Accounting and Tax firm, Founder and President of Paramount Securities Corporation, a real estate investment bank and broker dealer, Senior Vice President of Southmark Funding Corporation, the financing subsidiary of Southmark Corporation, a Dallas based Fortune 500 Company, Assistant Vice President Acquisitions of VMS Realty, Inc., a Chicago based real estate investment and syndication firm and Senior Auditor of Laventhol & Horwath, a Chicago based and national CPA firm.

Mr. Ori has a Bachelor of Science degree in Accounting from Southern Illinois University, an MBA in Finance from DePaul University and completed an executive program in Financial Management at Harvard Business School. He is a licensed real estate broker in California, a Chartered Financial Analyst (CFA) and a Certified Public Accountant (CPA). Mr. Ori is also an Adjunct Professor of Finance at Santa Clara University.

Mr. Ori has authored numerous articles on real estate financing, deal structuring, portfolio diversification and industry trends in leading real estate and finance periodicals and is an active speaker at industry seminars and events.

  

Education

Executive Program in Financial Mgmt., Finance : Harvard Business School - [2000 to 2000]

MBA-Finance, Finance : Kellstadt Graduate School of Business (at DePaul University ) - [1981 to 1983]

BS-Accounting, Accounting : Southern Illinois University Carbondale - [1973 to 1978]