Course ID: AAUNLS

Accounting & Auditing Under the New Leasing Standard

The revised effective date for private companies’ adoption of the new leasing standard (ASC Topic 842, Leases) is now January 1, 2022!

Question: Will you be prepared to properly audit such transactions?

This session is designed to provide external auditors with practical and insightful perspectives on how to audit transactions under the Financial Accounting Standards Board’s (FASB) new leasing standard. You’ll learn the new accounting and financial reporting requirements and how to substantively and analytically test them in accordance with Professional Standards.

Learning Objectives

Explain the FASB’s new leasing standard requirements
Describe and discuss the new accounting and reporting requirements of leases
Discuss which audit procedures to perform
How to properly audit the transition requirements and initial adoption of the new standard

Major Topics

Learning about ASC Topic 842, Leases, particularly the FASB’s new take on how operating leases will now be recognized on the balance sheet as well as the new presentation and disclosure requirements, practical application, and how to properly audit them

Advanced Preparations

None

Who Should Attend

Practitioners in public practice who conduct audits of privately-held organizations who have adopted ASC Topic 842.

Fields of Study

Accounting, Auditing

Prerequisites

General knowledge of ASC Topic 842 and AICPA Professional Standards

Provider

Business Learning Institute

CPE Credits

4.0

Level

Intermediate

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