Accounting for Leases (PDF)

$39.00

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 $600-$700 billion 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.

SKU: ACCLEASESPFD Categories: ,

Course Description

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 $600-$700 billion 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.

 

Learning Objectives

Upon successful completion of this course, participants will be able to:

  • Recognize the advantages and disadvantages of leasing.
  • Identify characteristics and differences between the operating and capital lease method.
  • Recognize the characteristics and differences between operating, direct financing, and sales-type methods.
  • Recognize the characteristics of various types of leases, key terms, included costs, and recognition requirements when accounting for leases.
  • Compute leased asset and depreciation expense entries.
  • Recognize differences between GAAP and IFRS when accounting for leases.

 

Course Objectives

Vern Hoven Tax Seminars’ programs are focused on maintaining and improving professional competence in individuals.

Program Prerequisites

There are no prerequisites.

Program Level

Basic

Field of Study

Accounting

Advance Preparation

None

Instructional Method

QAS Self-Study

CPE Credit Hours

2 Credits

Credit Hours are based, in accordance with the National Association of State Boards of Accountancy’s (NASBA’s) Standards for Continuing Professional Education (CPE) Programs, on a 50-minute hour. Upon successful completion of the exam (70% or higher), you will be presented with a printable Certificate of Completion detailing the Course Name and earned Credit Hours.

Program Registration & Duration

Simply click the “Add to Cart” button following the course description and, once you complete the order form, you will be asked to create a username and password good for one year from the date of purchase. You can change your password at any time. You will have one year from date of purchase to review the course(s) you purchase, and take the final exam. Once you pass the exam, you will have completed the course.