W231: U.S. GAAP Knowledge Series: Implementing ASC 842 accounting for Leases
Thursday, December 30, 2021
11:00 AM - 12:30 PM (EASTERN TIME)

Accounting Standards Codification (ASC) 842  – Leases is almost effective for nonpublic companies and certain not-for-protfits. In this session we’ll cover the scope, adoption method, key provision and why any of this matters to you. Including impacts on the statement of financial position, financial ratio, and covenants. We’ll go over what you need to know to make sure you understand how leases are classified under ASC 842 and provide examples and illustrations on how to initially calculate and subsequently measure leases under this new standard.

Learning Objectives
  • You will be able to identify which transactions/agreements are within the scope of ASC 842.
  • You will be able to explain the adoption method, initially calculations and subsequent measurements.
  • You will be able to recognize the difference between finance, operating and short-term lease classifications.
  • You will be able to identify lease and non-lease components.
  • You will be able to explain presentation and disclosures requirements.
Mark Robins
CPA, Partner, Assurance Services at Aronson LLC
Mark Robins, CPA Mark Robins, CPA, is a Director in the Firm’s Nonprofit and Association Industry Services Group. Prior to focusing his specialization on nonprofit organizations, Mark spent time with the Employee Benefit Plan Services Group. He graduated with honors from California State University, Northridge with a bachelor’s degree in accountancy. Mark specializes in assurance and consulting services for foundations, public charities, schools and service organizations. His experience with fair value concepts, investment portfolios, federal compliance and revenue recognition issues allows him to be a valued resource for nonprofit organizations. As an active participant in the accounting profession, Mark has taught several classes on financial reporting and auditing topics. He is also extensively involved in nonprofit accounting research to advance technical compliance. In addition, Mark has contributed a number of blog posts to the Aronson nonprofit blog. Mark is a member of the AICPA. • Partner, Assurance Services at Aronson LLC • Over 12 years of experience in public accounting • Specialize in nonprofit financial reporting and auditing • Conducts regular seminars and workshops internally and externally on various topics in accounting and auditing • Member of the AICPA • B.S. degree in accounting, California State University Northridge
Level Beginner to Intermediate Delivery Group Internet-Based
CPE(NASBA Category) Accounting Reviewer Wade Tetsuka, CPA
CAE (Field of Study) Operations CPE/CAE Credits 1.5
Prerequisites and advance preparation needed None Cost $0.00
Refund and Complaint Resolution Policy:

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