Date/Time
December 16, 2021
12:30 PM ET – 3:30 PM ET
Virtual CPE Event: 3 credit hours

Overview

Join us for a free virtual CPE event where industry professionals will come together to provide a year-end review of the lease accounting standard, ASC 842, and explore how the recent changes will impact private companies. Presenters will discuss what the new lease accounting rules entail and provide detailed instructions for a successful transition to the new standard. We will then consider what your organization can be doing now to successfully prepare for its first audit under the new lease accounting standard.

Key Takeaways

Understand the changes to lease accounting as a result of the transition from ASC 840 to ASC 842 and how these changes will impact private companies
List the details and steps essential for adopting the new lease accounting standard
Explore how a company can prepare for their first audit post-transition to ASC 842

Agenda

Session 1 - Opening Panel: Ask the Accounting Professional

12:30 - 1:30 PM ET

Bryan Sinclair, VP, Technical Accounting Leader, RGP
Cheryl Levesque, Partner, CFO & Business Advisory, DHG
Emily Fish, Product Accounting Manager, LeaseQuery
George Azih, CEO and Founder, LeaseQuery
Jeff Weinberg, CPA, Director, Baker Tilly
Stephanie Parker, Senior Financial Analyst, Middleby Corporation

Join a panel of professionals from various accounting roles as they provide a year-end review of the new lease accounting standard, ASC 842. Panelists will explore the impact of lease accounting for private companies and share tips on preparing for a successful transition. Throughout this session, our panelists will also discuss questions submitted by the audience during registration on topics related to adoption challenges and how to facilitate compliance.

Be sure to add your question when you register to be answered during the session.

Objectives 

  1. Gain insight into the lease accounting evolution caused by the adoption of ASC 842
  2. Review how the new standard differs from ASC 840, and its expected impact on private companies
  3. Identify best practices for a successful implementation of ASC 842

Program level: Intermediate
Prerequisites: Basic understanding of lease accounting
Advance preparation: None
Delivery method: Group Internet Based
Recommended CPE credit: 1 hour
Field of study: Accounting

Session 2 - ASC 842: A Detailed Transition Example

1:40 - 2:30 PM ET

Rachel Reed, Accounting Manager, LeaseQuery

During this session, a LeaseQuery lease expert  will walk through a detailed transition example for how to apply the new lease accounting standard, ASC 842. We will present an overview of the concepts discussed in the new standard including key dates, lease term, contract components, and calculations necessary for compliance. We will conclude the presentation by discussing initial and subsequent journal entries under ASC 842, and actions companies can take to prepare for their transition.

Learning Objectives

  • Explore important concepts presented in the new standard such as key dates, lease term, discount rates and calculations
  • Recognize financial components of lease agreements and their applicability towards the lease liability and lease asset calculations
  • Understand and prepare  initial journal entries for transition and subsequent journal entries for regular lease payments under ASC 842

Program level: Intermediate
Prerequisites: Basic understanding of lease accounting
Advance preparation: None
Delivery method: Group Internet Based
Recommended CPE credit: 1.0 hours
Field of study: Accounting

Session 3 - Preparing for Your Next Audit: Detailed Examples and More

2:40 - 3:30 PM ET

Wesley Williams, Accounting Manager, LeaseQuery

Lease accounting experts from LeaseQuery will discuss how private companies can successfully prepare for their first audit after adopting the new lease accounting standards. Presenters will touch on how auditing under the new standard compares to previous experiences, and share tips gleaned from the frontlines on avoiding common missteps during the transition. The second half of the presentation will be an overview of several detailed examples of complex lease scenarios to provide guidance on what private companies need to look for when beginning their implementation.

Learning Objectives 

  • Learn how to prepare your company for the first audit post-transition to ASC 842
  • Understand steps to take to avoid common errors and audit issues during implementation
  • Explore detailed examples of complex lease scenarios and the appropriate application of the new lease accounting standard during transition

Program level: Intermediate
Prerequisites: Basic understanding of lease accounting
Advance preparation: None
Delivery method: Group Internet Based
Recommended CPE credit: 1 hour
Field of study: Accounting

Presenters

George Azih

CEO and Founder
LeaseQuery

 

Jason Parker, CPA

Accounting Solutions Manager
LeaseQuery

 

Emily Fish, CPA

Product Accounting Manager
LeaseQuery

Rachel Reed

Accounting Manager
LeaseQuery

 

Jeff Weinberg, CPA

Director
Baker Tilly

 

Cheryl Levesque, CPA

CIA, CISA, PMP, FLMI
Advisory Partner
DHG

Stephanie Parker

Senior Financial Analyst
Middleby Corporation

Bryan Sinclair

VP, Technical
Accounting Leader

RGP

Wesley Williams

Accounting Manager
LeaseQuery

CPE Details

Who Should Attend

Accounting and finance professionals whose companies manage a medium-to-high volume of leases will benefit most from this event, along with CPAs who serve clients with a similar volume of leases.

Additional information to include:

Program level: Intermediate
Prerequisites: Basic understanding of lease accounting
Advance preparation: None
Delivery method: Online
Recommended CPE credit: 3.0 hours
Field of study: Accounting

SPONSOR STATEMENT

LeaseQuery is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: NASBAregistry.org.

For more information regarding administrative policies such as complaints, please contact CPEinfo@leasequery.com.

PROGRAM CANCELLATION POLICY

If a program is cancelled, LeaseQuery will notify registrants via the email address that they used to register for the program.