On February 25, 2016, the FASB completed its Leases project by issuing ASU No. 2016-02, Leases (Topic 842). Deloitte will focus on technical considerations and implementation issues that have come to light with the new leases accounting standard and discuss strategies to confront challenges and navigate this stage of implementation.
Upon completion, the Learner will be able to:
● Identify a lease
● Understand the key ingredients of the leases model – lease payments, lease term, discount rate, lease classification, lease accounting model
● Understand the key ingredients of the leases model – lease payments, lease term, discount rate, lease classification, lease accounting model
● Identify the components in a contract and how to allocate consideration in a contract to lease and non-lease components
● Understand presentation and disclosure requirements
● Understand other changes associated with ASC 842, including sale leaseback, build-to-suit arrangements, and impairment.
● Understand the timeline for transition and the relevant effective date
● Consider the impact to tax accounting
● Have insight into potential operational challenges, including those related to data and technology challenges, timeline, interaction with ASC 606 implementation, and internal controls
● Have insight into types of lease accounting technology solutions and how to approach selecting a solution that fits an individual entity's needs
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36 USC 220506
