Examine the core principles of the new lease standard, including identification, recognition, measurement, presentation and disclosure requirements. Review the lessee accounting model, including lease classification, amortization of the right-of-use asset, and interest on the lease liability, as well as the lessor accounting model, including transfer of risk, profit recognition, and collectability. Additional topics include short-term leases, purchase options, variable lease payments, and sale and leaseback transactions. Discuss the business context of implementing the new standard by identifying key factors for managing this significant change.
- Identify a lease under the new leases standard.
- Identify recognition and measurement requirements of the new leases standard.
- Identify presentation and disclosure requirements of the new leases standard.
Experience in application of accounting standards