April 30, 2019
1:00 pm - 2:40 pm
$74 GWSCPA Members, $99 Non-Members
GWSCPA’s Adopting ASC 842, the New Lease Standards for Private Firms and Nonprofits
GRF Principal Paul H. Calabrese is presenting at the GWSCPA Adopting ASC 842, the New Lease Standards for Private Firms and Nonprofits session on April 30, 2019.
After 12-15-2019, all private companies and nonprofits who have audited financial statements will have to adopt ASC 842, the new lease standard. The most significant change is that most leases, including operating leases, have to be capitalized as “finance” leases and placed on the balance sheet. In order to help you transition into the new lease standard, you will be able to leave existing leases in their original form (before the adoption date of the new standard) as permitted by certain “Practical Expedient Elections”
Major Topics
- Identification of contractual and embedded leases
- Classification of leases
- Right of Use (ROU) and Liabilities
- Lease vs. Non-Lease Components
- Lease Term, Measurements and Re-Measurements
- Practical Expedient Elections: Pros & Cons
- Comparison between FASB vs. IASB
- Journal entries, new G/L accounts and reporting requirements
2.0 CPE credits are available.
