The Financial Accounting Standards Board revolutionized accounting for leases with the issuance of Accounting Standards Update 2016-02. The new lease accounting rules will have a major impact on the financial statements of any organization that leases any type of property or equipment and may have a detrimental impact on contractual obligations, such as loan covenants. The new rules are already in effect for public companies and will go into effect for private companies and nonprofits in 2021. This course will familiarize you with the new rules and will help you navigate their complexity.

Learning Objectives:-

• What is a Right of Use Asset? 
• Types of Arrangements that are subject to the New Accounting Rules for Leases
• The Four Steps Necessary to Calculate the Right of Use Asset
• Determining the Lease Term
• Identifying the Various Types of Lease Payments
• Choosing a Suitable Discount Rate
• Additional Elements Incorporated into the ROU Asset
• The 12-Month Policy Election
• Accounting for Operating Leases Under the New Standard
• Accounting for Finance Leases Under the New Standard