Lease Accounting: Reporting under Both US GAAP & IFRS Webinar
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Overview
The New Lease Accounting Standards (ASC 842 and IFRS 16) present major new challenges for companies that report under both US GAAP and IFRS. As a result, international companies need to maintain two sets of lease calculations for each operating lease, and two sets of balance sheet reconciliations to track liability and asset balances. This session will focus on:
- US GAAP vs. IFRS
- Recording operating leases under ASC 842
- ROU asset balances, depreciation and liability under IFRS 16
- Significant differences in EBITDA and EBTDA under US GAAP and IFRS
- Discount rate requirements and de minimus assets
- Software and additional controls for maintaining two different income statements
Objective
Financial professionals serving international companies will gain knowledge on how to overcome lease accounting challenges related to reporting under both US GAAP and IFRS.
Emphasis
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International leases—the big picture
– Multiple bases of accounting (IFRS, US GAAP, etc.)
– P&L models
– Effective dates -
What’s a lease?
– Benefits and rights
– Substitution rights
– Scope exceptions -
IFRS 16
– Lease term
– Optional period considerations
– Discount rate
– Disclosures -
Lessee accounting
– Sublease accounting
– Financial statement presentation
– Balance sheet
– Income statement
– Disclosures -
Lessor accounting
– Sales-type lease
– Direct financing lease
– Operating lease
– Modified retrospective approach - Lease Receivable
- ASC 842 Overview
- Leveraged leases
- ROU asset impairment
- Differences between ASC 842 and IFRS-16
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Additional considerations
– FX
– COVID-19
This course is included in the following passes:
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View PassesPrerequisite
Basic knowledge of ASC 842 and IFRS 16
Level of Knowledge
Update
CPE Credits
1
Hour
NASBA Field of Study
Accounting