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DTSTAMP:20260414T170620Z
DTSTART:20260506T130000Z
DTEND:20260506T152100Z
LOCATION: Your Desk
SUMMARY: Accounting for Leases WEBCAST
DESCRIPTION: Under ASC Topic 842\, lessors continue to classify leases as operating\, direct financing\, or sales-type. While lessees now classify leases as operating or financing leases. Previous guidance only required capital leases to be reflected on the BS. The new guidance requires all leases to be reflected on the BS. This is a major change for organizations and will cause their balance sheets to swell as leases must now be disclosed on the balance sheet. The standards original effective dates were prior to 2019. In April 2020\, due to COVID-19\, FASB voted to defer the effective date for ASC 842 for private companies and certain not-for-profit's for one year. For private companies and private not-for-profits\, the leasing standard will be effective for fiscal years beginning after December 15\, 2021\, and interim periods within fiscal years beginning after December 15\, 2022. For public companies the leasing standard is effective for fiscal years beginning after December 15\, 2019\, including interim periods within those fiscal years. This course covers elements of lease classification for both lessees and lessors. Also\, numerous examples are incorporated as reference.
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