Accounting for Leases
Many U.S. companies have become heavily involved in leasing assets rather than owning them. For example, according to the Equipment Leasing Association (ELA), the global equipment-leasing market is a $1 trillion business, with the U.S. accounting for about one-third of the global market. Any type of equipment can be leased, such as railcars, helicopters, bulldozers, barges, CT scanners, computers, and so on. The largest group of leased equipment involves information technology equipment, followed by assets in the transportation area (trucks, aircraft, rail), and then construction and agriculture. This course discusses the accounting, reporting, and disclosures of leases by lessees and lessors. It includes a discussion of sale-leasebacks, subleases, renewals and extensions, terminations, leveraged leases, and other issues.

Course Publication Date: July 26, 2016

This course is available with NO ADDITIONAL FEE if you have an active self study membership or can be purchased for $35.00!

Author:Delta CPE
Course No:ACT-LEASE-4746
Recommended CPE:3.50
Delivery Method:QAS Self Study
Level of Knowledge:Basic
Advanced Preparation:None
Recommended Field of Study:Accounting
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Learning Objectives
  • Recognize the advantages and disadvantages of leasing.
  • Recognize the most material difference between ASC 842 and current practice.
  • Differentiate between the operating and capital lease method.
  • Distinguish between operating, direct financing, and sales-type method.
  • Recognize the key terms and costs included when accounting for leases.
  • Compute leased asset and depreciation expense entries.
  • Recognize differences between GAAP and IFRS when accounting for leases.

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