Seminar  Workshop

Implementing the FASB’s New Lease Accounting Standard Workshop 2017


Why You Should Attend

The FASB’s new lease accounting standard presents complex accounting, internal control, system and implementation challenges.  In this Workshop you will learn the conceptual underpinnings, overall structure and details of this new standard as it applies to both lessees and lessors.  Implementation considerations, system issues and related topics will be discussed in detail.  Concepts will be reinforced by working examples and case studies. This is an interactive workshop.

 What You Will Learn

  • Key objectives of the new standard
  • Scope of the standard, including the new definition of a lease
  • How to evaluate and account for contracts that may contain an embedded lease
  • How to measure the lease liability and right-of-use asset
  • Issues to consider in determining an appropriate discount rate
  • Journal entries for initial recording and subsequent measurement of leases
  • How to determine the classification of leases as operating versus financing
  • Presentation and expense recognition differences for operating and finance leases
  • Disclosure requirements
  • The new lease accounting model’s impact on Internal Control over Financial Reporting
  • Changes to lessor accounting
  • Implementation steps and challenges, transition considerations

 What You Should Bring

To customize your Workshop experience and gain the most benefit from this interactive learning experience we recommend you bring examples of lease accounting transactions from your company or a client along with the related disclosures.

Course Materials:

Course books and presentation materials will be distributed to attendees upon arrival at the Workshop.

Who Should Attend

This Workshop is geared to financial reporting professionals who are involved in lease accounting, who review such accounting, or who need to understand how lease accounting affects their financial reporting.  In addition, professionals in other areas such as treasury, analysis, counsel and operations who need to understand how lease accounting changes will affect financial statements will benefit from this Workshop.

Prerequisites:  None

Cancellations

All cancellations received 3 business days prior to the program will be refunded 100%. If you do not cancel within the allotted time period, payment is due in full. You may substitute another individual to attend the program at any time.

9:00  Introduction and Workshop Overview

9:10  New Lease Accounting Model – Definition of a Lease and Related Issues

  • Background why change was considered necessary
  • Effective date and transition
  • Tactical issues in the transition
  • Understanding the key provisions of the new standard
  • Scope of the new standard
  • Definition of a lease
  • Identified asset
    • Explicitly identified asset and substitution rights
    • Implicitly identified asset
    • Portions of assets
  • Control
    • Right to substantially all economic benefits
    • Right to direct the use
  • Leases with terms less than or equal to twelve months
  • Case studies – identification of a lease and lease provisions


10:30 Networking Break

10:45 The New Lease Accounting Model – Initial Measurement and Lease Classification

  • Contract consideration and allocation
    • Lease and non-lease components, imbedded leases
  • Lease commencement date
  • Initial measurement of the lease liability and right-of-use asset
    • Lease payment
    • Lease term
    • Discount rate
    • Initial direct costs
    • Lease incentives
  • Classification of the lease as operating or finance
    • Criteria to determine operating or finance
    • Expense recognition for operating leases – straight line
    • Expense recognition for finance leases – interest and amortization
  • Examples and case studies for initial measurement


12:30 Networking Luncheon

1:00 The New Lease Accounting Model – Subsequent Measurement and Presentation

  • Subsequent recognition and measurement
  • Lease liability equal to present value of lease payments
  • Measuring the right-of-use asset and related amortization
  • Expense recognition for operating versus capital leases
  • Balance sheet classification
  • Statement of cash flow classification
  • Disclosures
  • Impairment testing for the right-of-use asset
  • Lease modifications and reassessment of lease term
  • Examples and case studies
  • Subleases
  • Sale and leaseback transactions
  • Examples and case studies for subsequent measurement


2:30 Networking Break

2:45 Lessor Accounting

  • Lessor accounting changes
    • The more modest changes to lessor accounting
    • Control of the leased asset – similar to the revenue recognition standard
  • Lessor accounting examples


3:30 Implementation Challenges for the New Lease Model

  • Comprehensive case study – operating lease
  • Effective date and transition method decisions
  • Gathering all relevant information
  • Market communication issues
  • Impact on other financial measures such as EBITDA
  • Understanding the new lease accounting model's impact of Internal Control over Financial Reporting
  • IT challenges

5:00 Adjourn



Instructor(s)
D. Reed Wilson, CPA, CMA ~ Technical Accounting and SEC Reporting Consultant; Former Senior Accounting Policy Advisor, Exxon Mobil Corporation,
Program Attorney(s)
Robin D. Goldstein ~ Director & Sr. Program Attorney, PLI

New York City Seminar Location

PLI New York Center
, 1177 Avenue of the Americas, (2nd floor), entrance on 45th Street, New York, New York 10036. (800) 260-4754.

New York City Hotel Accommodations

Crowne Plaza Times Square Manhattan, 1605 Broadway (at 48th Street), New York, NY 10019 (212) 977-4000. When calling, mention Practising Law Institute. You can also make reservations online to access PLI's rates.

The Muse, 130 West 46th Street, New York, NY 10036. Please call reservations at 1-800-546-7866. When calling, please mention Practising Law Institute and rate code PLII. You can also Book Online- Kimpton.

Millennium Broadway Hotel, 145 West 44th Street, New York, NY 10036. Please call reservations at 1-800-622-5569. When calling, please mention Practising Law Institute. You can also book online.

Hyatt Times Square, 135 W. 45th Street, New York, NY 10036. For reservations, please call (646) 364-1234. When calling mention rate code CR56218 or Practising Law Institute.

General credit information about this format appears below. For credit information specific to this program, please choose your jurisdiction(s) in the Credit Information box on the right-hand side of this page.


U.S. MCLE States

Alabama:  SEC Institute’s workshops qualify as “live” credit. There is no limit to the number of credits an attorney can earn via workshops.

Alaska:  All SEC Institute products can fulfill Alaska’s CLE requirements. There is no limit to the number of credits an attorney can earn via SEC Institute products.

Arizona:  SEC Institute’s workshops qualify as “interactive CLE” credit. There is no limit to the number of credits an attorney can earn via interactive CLE programs.

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Colorado:  All SEC Institute products can fulfill Colorado’s CLE requirements. There is no limit to the number of credits an attorney can earn via SEC Institute products.

Connecticut: Effective January 1, 2017, all SEC Institute products can fulfill Connecticut’s CLE requirements. There is no limit to the number of credits an attorney can earn via SEC Institute products.

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Nebraska:  SEC Institute’s workshops qualify as “live” credit. There is no limit to the number of credits an attorney can earn via workshops.

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New Mexico:  SEC Institute’s workshops qualify as “live” credit. There is no limit to the number of credits an attorney can earn via workshops.

New York

Experienced Attorneys:  All SEC Institute products can fulfill New York’s CLE requirements for experienced attorneys. There is no limit to the number of credits an attorney can earn via SEC Institute products.

Newly Admitted Attorneys: Select transitional SEC Institute workshops can be used to fulfill the requirements for newly admitted attorneys. Please check the “Credit Information” box on the program page to ensure credit is approved. All credit categories may be earned via transitional SEC Institute workshops.

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Ohio:  SEC Institute’s workshops qualify as “live” credit. There is no limit to the number of credits an attorney can earn via workshops.

Oklahoma:  SEC Institute’s workshops qualify as “live” credit. There is no limit to the number of credits an attorney can earn via workshops.

Oregon:  All SEC Institute products can fulfill Oregon’s CLE requirements. There is no limit to the number of credits an attorney can earn via SEC Institute products.

Pennsylvania: SEC Institute’s workshops qualify as “live” credit. There is no limit to the number of credits an attorney can earn via workshops.

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Rhode Island:  SEC Institute’s workshops qualify as “live” credit. There is no limit to the number of credits an attorney can earn via workshops.

South Carolina:  SEC Institute’s workshops qualify as “live” credit. There is no limit to the number of credits an attorney can earn via workshops.

Tennessee:  SEC Institute’s workshops qualify as “live” credit. There is no limit to the number of credits an attorney can earn via workshops.

Texas:  All SEC Institute products can fulfill Texas’ CLE requirements. There is no limit to the number of credits an attorney can earn via SEC Institute products.

Utah:  SEC Institute’s workshops qualify as “live” credit. There is no limit to the number of credits an attorney can earn via workshops.

Vermont:  SEC Institute’s workshops qualify as “live” credit. There is no limit to the number of credits an attorney can earn via workshops.

Virgin Islands:  All SEC Institute products can fulfill the Virgin Islands’ CLE requirements. There is no limit to the number of credits an attorney can earn via SEC Institute products.

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Wyoming:  SEC Institute’s workshops qualify as “live” credit. There is no limit to the number of credits an attorney can earn via workshops.


CPD Jurisdictions

British Columbia (CPD-BC):  SEC Institute’s workshops qualify as “real-time” credit. There is no limit to the number of credits an attorney can earn via real-time programs.

Ontario (CPD-ON):  SEC Institute’s workshops qualify as “interactive” credit. There is no limit to the number of credits an attorney can earn via interactive programs.

Quebec (CPD-QC):  SEC Institute’s workshops can fulfill Quebec’s CPD requirements.

Hong Kong (CPD-HK):  SEC Institute’s workshops qualify as “live” credit. There is no limit to the number of points an attorney can earn via workshops.

United Kingdom (CPD-UK):  SEC Institute’s workshops can fulfill the United Kingdom’s CPD requirements.

Australia (CPD-AUS):  SEC Institute’s workshops qualify as “live” credit in all Australian jurisdictions. There is no limit to the number of credits an attorney can earn via workshops.


Other Credit Types

CPE Credit (NASBA): SEC Institute’s workshops qualify as “Group-Live delivery” credit.

IRS Continuing Education (IRS-CE):  SEC Institute’s workshops may fulfill IRS-CE requirements. To request IRS-CE credit, please notify PLI at plicredits@pli.edu of your request and include your Preparer Tax Identification Number (PTIN).

Certified Fraud Examiner CPE:  SEC Institute’s workshops may fulfill Certified Fraud Examiner CPE requirements. To request CPE credit or find out which programs offer CPE, please contact PLI at plicredits@pli.edu.

IAPP Continuing Privacy Credit (CPE):  SEC Institute’s workshops may fulfill Privacy CPE credit requirements.

HR Recertification (HRCI):  SEC Institute’s workshops may fulfill HR credit requirements.

SHRM Recertification (SHRM):  SEC Institute’s workshops qualify as "instructor-led" credit. There is no limit to the number of credits an SHRM professional can earn via instructor-led programs.

Compliance Certification Board (CCB):  SEC Institute’s workshops qualify as “live” training events. There is no limit to the number of credits a candidate or certification holder can earn via workshops.

Certified Anti-Money Laundering Specialists (CAMS):  SEC Institute’s workshops may fulfill CAMS credit requirements.

New York State Social Worker Continuing Education (SW CPE):  SEC Institute’s workshops may fulfill SW CPE credit requirements.

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