Accounting for Leases (CPE Course)

CPE Credit: 2 hours

Course Type: Downloaded PDF materials with online test

Price (with PDF Textbook): $25

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Course Description
The latest update to the accounting standards for leases has significantly increased the complexity of the related accounting. Accounting for Leases focuses on the different components of leases, the types of leases that may be used by a lessee and lessor, and the accounting for each one. The course also addresses how lease liabilities and right-of-use assets are calculated and presented in the financial statements. A number of additional topics are addressed, including the treatment of initial direct costs, sale and leaseback transactions, and lease-related disclosures. This course can be considered essential reading, given the absurd intricacy of lease accounting.

Author: Steven Bragg

Course Number: AC1103

Learning Objectives

  • Identify the reasons why a lease can be useful for a lessee.

  • Specify the leasing rules related to asset substitution.

  • Recognize the situations to which lease accounting does not apply.

  • Recall the circumstances under which a separate lease component is considered to exist.

  • Specify the different types of lease payments.

  • Identify the special rules related to leases from government entities.

  • Recall how the 12-month lease exception works.

  • Identify the unique characteristics of sales-type and direct financing leases.

  • Specify the restrictions on the use of the risk-free discount rate when deriving a lease present value.

Level: Overview

Instructional Method: QAS Self-Study

NASBA Category: Accounting

Prerequisites: None

Advance Preparation: None

Latest Review Date: April 2023

Program Registration Requirements: Click on "Purchase Course" near the top of this page to pay for and access the course. You will then be able to download the course as a PDF file, then take an on-line examination, and then download a certificate of completion if you pass the examination.

Program Refund Policy: For more information regarding administrative policies concerning complaints, refunds, and other matters, see our policies page.

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AccountingTools, Inc. 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 the 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: www.nasbaregistry.org.

The NASBA sponsor identification number for Accountingtools, Inc. is 115881.

AccountingTools is an IRS Approved Continuing Education Provider. We are compliant with the requirements for continuing education providers (as described in sections 10.6 and 10.9 of the Department of Treasury’s Circular No. 230 and in other IRS guidance, forms, and instructions). Our IRS Approved Continuing Education Provider number is 72821.