Leases - Private Company Implementation
Friday, June 21, 2024
1:00pm - 5:00pm (opens at 12:30pm) EST
4Credits
Accounting and Auditing
Registration is Open
Members
$164.00 Regular Price
Non-Members
$229.00 Regular Price
Course Type: CPE Seminars
Course Code: 24/LPI46WS
Level: Intermediate
Vendor: Florida Institute of CPAs
Field of Study: Auditing, Accounting
Overview:
For many companies, leases represent significant transactions in the financial statements and are an important driver of operating results. Many of the lease arrangements often involve significant accounting and disclosure risks that warrant special consideration.
The Financial Accounting Standards Board ("FASB") has issued a new accounting standard - Leases. The new standard -Topic 842- replaces existing Topic 840, and changes the accounting for operating leases, (requiring capitalization in the financial statements) and upgrading many other aspects of lease accounting and reporting.
As companies implement the new standard, they may need to change existing (or develop new) systems, processes, and controls used to gather and archive contract data, make required estimates, and provide required disclosures. Inadequate or ineffective design or implementation of changes to systems, processes, and controls can result in heightened risks of material misstatement.
Objectives:
• Evaluating whether leases have been recorded in conformity with the applicable financial reporting framework
• Audit transition adjustments and disclosures
• Consider internal control over financial reporting
• Identifying and assessing fraud risks
• Evaluating whether the financial statements include the required disclosures regarding leasing transactions
• Determine the impact on ratios and financial relationships that will be impacted by the new standard.
Presenters:
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Eugene Ristaino, CPA/ABV/CFF, MST
Gene Ristaino is the owner of Ristiano & Company and currently provides valuation services for private companies, along with accounting and auditing consultation and technical reviews for small and medium-sized CPA firms. His expertise includes consulting services for real estate developers and construction contractors in project costing and analysis, cost certification, claim support and...
Read more about Eugene Ristaino here
Presenters:
Eugene Ristaino, CPA/ABV/CFF, MST
Gene Ristaino is the owner of Ristiano & Company and currently provides valuation services for private companies, along with accounting and auditing consultation and technical reviews for small and medium-sized CPA firms. His expertise includes consulting services for real estate developers and construction contractors in project costing and analysis, cost certification, claim support and...Read more about Eugene Ristaino hereMajor Topics:
• Analysis of requirements for lease accounting under ASC 842
• Detailed schedules showing computations and journal entries
• Analysis of internal control and fraud risk aspects
• Identification of high-risk areas of lease accounting and reporting
• Suggested audit and review procedures for identified risks
Major Topics:
• Analysis of requirements for lease accounting under ASC 842
• Detailed schedules showing computations and journal entries
• Analysis of internal control and fraud risk aspects
• Identification of high-risk areas of lease accounting and reporting
• Suggested audit and review procedures for identified risks
Designed For:
CPA practitioners will be able to adequately plan their audit and review engagements regarding the appropriate procedures to be performed to determine their clients’ compliance with the applicable requirements regarding the adoption of ASC 842 – Leases. Management will be able to properly implement the standard and appropriately account for the leases in the financial statements.