Overview
Now that industry CPAs and auditors have passed the year of adoption of the new Lease standard for private companies, not-for-profits and public business entities, they need to deal with lease challenges post-adoption. Discuss real-life examples of lease modifications, lease reassessments, related party leases and right-of-use asset impairment. Also, look at lessons learned and common pitfalls.
Objectives
- Apply the lessons learned and common pitfalls on lease adoption
- Distinguish the accounting for a lease modification, lease reassessment and a new lease
- Perform right-of-use asset impairment
