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Accounting for Leases: New Rules (ASC 842)
VIRTUAL CONFERENCE
The new Leasing Standard has finally been issued. The new guidance standardizes how companies should account for leases under U.S. GAAP and IFRS. This conference will go through the new guidance and address the latest developments in key areas, significant changes, scope, disclosure and impacts. There will be plenty of implementation examples and a detailed case study.
LEARNING OBJECTIVES:
- Review the latest changes in key areas
- Work through a number of practical examples
- Begin to assess the effects of the new standard on your company or clients
- Impact of COVID-19
REGISTRATION INFORMATION:
Cost: $545 (save $150 off the regular price of $695 if you register by July 24th).
This event will run 8:45-4:40p (PDT) each day.
Register any one of three ways:
1. Register online using a credit card and click the orange button
2. Register by phone at (610) 789-3110
3. Email your contact info to be invoiced to mtarman@acslive.com
Agenda: DAY 1 | ||
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8:00 | 8:45 | Continental Breakfast and Registration |
8:45 | 10:15 | Introduction of New Leasing Standard History and Background of New Standard Shortcomings of current lease accounting Lease: Identification, Scope and Definition Short Term Leases/Practical Expedient Contract Combinations Portfolio Approach |
10:15 | 10:30 | Break |
10:30 | 12:15 | New Leasing Standard Continued - Plus Common Examples Separating lease and nonlease components Discount rate Initial direct costs Reassessment Modifications Asset Impairment Sale and leaseback transactions Build to suit transactions |
12:15 | 1:15 | Lunch |
1:15 | 2:45 | Accounting by Lessors Lessor Model Presentation Disclosures Examples |
2:45 | 2:55 | Break |
2:55 | 4:15 | Lessons Learned in Initial Implementation Impact of project was underestimated Some of more challenging areas include: identifying lease population, data abstraction, implementing a platform for ongoing reporting and identifying processes and controls for applying the requirements |
4:15 | 4:20 | Break |
4:20 | 5:30 | Disclosures New Requirements Lessor Lessee |
Agenda: DAY 2 | ||
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8:45 | 10:00 | Hot Topics and Key Judgments Under the New Lease Accounting Rules Evaluating renewal and termination options Analyzing lessee vs. lessor assets and accounting impacts Reviewing the components of the discount rate Assessing the impacts of construction on lease commencement date Scoping assessments for embedded leases during adoption Review of key adoption and post adoption disclosures Adoption methods Adoption adjustments Balance sheet and cash flow presentation Practical expedient elections Discount rates Open Q&A |
10:00 | 10:15 | Break |
10:15 | 12:15 | Case Study by Connor Group Part 1 This session will include detailed case studies and examples to take you through the practical applications of the new lease accounting rules. |
12:15 | 1:15 | Lunch |
1:15 | 2:45 | Case Study by Connor Group Part 2 |
2:45 | 2:55 | Break |
2:55 | 4:15 | Additional Examples of New Rules |
Conference Series Speakers Include: |
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Ashima Jain PwC, Managing Director National Office |
Dominick Kerr Connor Group, Technical Accounting Director |
Blake Collins Connor Group, Director |
Matt Svetich Effectus Group Staffing, CEO |
Carolyn Selig Deloitte, Audit and Assurance Partner |
Allen Plyler RGP, Director |
Mike Hutchings Effectus Group, Managing Director |