CohnReznick and LeaseQuery: An Introduction to SFFAS 54

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Course Description

Join accounting experts from CohnReznick and LeaseQuery as we take an in-depth look at the lease accounting changes required under SFFAS 54. We will begin by reviewing the standard and its essential concepts, including

  • The definition of a lease under the new standard
  • What type of contracts are in scope
  • How to determine the accounting treatment of the different components of a lease agreement.

    • We will then explore the financial statement impact for both lessees and lessors with examples of the amortization schedules, journal entries, and quantitative disclosure requirements. Finally, the presenters will explore the discount rate options available and discuss the initial measurement of the lease asset and lease liability.

    Learning Objectives

    • Summarize the basic concepts of SFFAS 54
    • Identify what type of arrangements are within the scope of SFFAS 54 and the financial impact to both lessees and lessors
    • Understand the components and dates required to calculate and record the initial lease liability and lease asset

    Prerequisites

    • None

    Who Should Attend

    Accounting and finance professionals from federal government agencies who 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.

    Advanced Preparation

    None

    Special Offer!

    Register today to receive access to the Ultimate Lease Accounting Guide – a guide that covers most of the new guidance in an easy-to-understand format with real life examples.

    Presenters

    Jason Parker Headshot

    Jason Parker

    Senior Alliance Manager at LeaseQuery

    jason.parker@leasequery.com

    Jason began his career in the audit practice at KPMG, serving both public and private clients in a wide array of industries. Jason is a licensed CPA in the state of Georgia and earned a dual Masters and Bachelors degree in Accounting at the University of Georgia.

    Jason Parker Headshot

    Kevin Love

    CohnReznick, Director, Government and Public Sector.

    Kevin Love is a Director in CohnReznick’s Government and Public Sector. He has over 14 years of experience performing financial statement audits of the federal Government. He has CFO Act audit experience serving the Department of Justice, Department of Labor and the Department of Treasury.

    CPE Webinar

    Date & Time

    Jan 11, 2023 – 1:00 PM ET

    Course Information

    COST FREE
    CREDITS 1.00 hours
    SUBJECT AREA Accounting (Government)
    COURSE LEVEL Basic
    DELIVERY METHOD Online

    Register for this webinar below.



    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.