Lease Accounting and its Effect on Manufacturing
Total Credits: 1 including 1 Accounting - Technical
- Average Rating:
- 8
- Categories:
- Partner Produced | Accounting and Auditing | Industry
- Speakers:
- Joel W. Korson, CPA, CCIFP Senior Manager | Kasey Roth Roth
- Course Levels:
- Intermediate
- Duration:
- 1 Hour
- License:
Description
Does your business or your clients lease warehouse space, equipment, or vehicles? Do you or your clients have service contracts, supply agreements, or contract manufacturing arrangements? If so, you are likely to be impacted by the effects of the upcoming implementation of the new lease standard, ASC 842. After being delayed for a year, the standard is now effective for all non-public business entities for reporting periods beginning after December 15, 2021. Manufacturing companies, in particular, face some significant challenges in implementing the standard, given the volume and diversity of leased assets in the industry.
Basic Course Information
Learning Objectives- To gain an understanding of the new leasing standard, how it may affect your business or clients, and to help prepare for implementation.
Major Subjects
- The significant differences between current treatment of leases under ASC 840 and the new treatment under ASC 842, including the new definition of leases and the impact of imbedded leases.
- Accounting and reporting differences between the newly defined operating leases and the newly created finance leases.
- Adoption of ASC 842 pertaining to both restatement of financial statement figures as well as financial statement note disclosures.
Course Materials
| Important CPA Credit Instructions READ BEFORE WEBCAST UPDATED (487.5 KB) | Available after Purchase | ||
| Lease Accounting and its Effect on Manufacturing Handout (1.4 MB) | Available after Purchase | ||
Speaker
Joel W. Korson, CPA, CCIFP Senior Manager Related Seminars and Products
Audit Department
Maner Costerisan
Joel is a senior manager in the audit department at Maner Costerisan in Lansing, Michigan. He has over eight years of experience in the audit department, primarily with for-profit entities in manufacturing and construction industries. Joel graduated with High Honors from Michigan State University with a Bachelor of Arts in Accounting and Master of Science in Accounting. He is a member of American Institute of Certified Public Accountants and Michigan Association of Certified Public Accountants. He earned his Certified Construction Industry Financial Professional designation in February of 2022.
Kasey Roth Roth Related Seminars and Products
CPA Manager, Audit Department
Maner Costerisan
Kasey joined Maner Costerisan in 2015. She is a Manager in the Audit Department and has over six years of experience auditing telecommunications entities as well as governmental organizations. She is a member of the firm’s Telecommunications and educational services groups. She graduated from Madonna University with high honors obtaining a Bachelor’s degree in accounting and has a Master’s in Business Administration. She is also a member of the Michigan Association of Certified Public Accountants.
Additional Info
Basic Course Information
PrerequisitesA basic understanding of the current treatment of leases under ASC 840
Advanced Preparation
None
Designed For
All industry professionals, private or public.
Original Recording Date 08/2022
Yellow Book
No
Course Developer
MICPA
Date Added to Catalog
6/18/2022
Additional Information
Complaint Resolution PolicyPlease contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).
Official Registry Statement
Business Professionals' Network, 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 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
Instructional Delivery Method
Group Internet Based
Course Registration Requirements
Online Registration
Refund/Cancellation Policy
Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer.
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