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Lease Accounting and its Effect on Manufacturing


Total Credits: 1 including 1 Accounting - Technical

Average Rating:
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Category:
Partner Produced |  Accounting and Auditing |  Industry
Faculty:
Joel W. Korson, CPA, CCIFP Senior Manager |  Kasey Roth Roth
Course Levels:
Intermediate
Duration:
1 Hour
License:
Access for 30 day(s) after program date.

Dates
Please Note: Programs with a ☾ insignia begin after 5pm or air on the weekend.


Description

Does your business or your clients lease warehouse space, equipment, or vehicles? Do you or your clients have service contracts, supply agreements, or contract manufacturing arrangements? If so, you are likely to be impacted by the effects of the upcoming implementation of the new lease standard, ASC 842. After being delayed for a year, the standard is now effective for all non-public business entities for reporting periods beginning after December 15, 2021. Manufacturing companies, in particular, face some significant challenges in implementing the standard, given the volume and diversity of leased assets in the industry.

Basic Course Information

Learning Objectives
  • To gain an understanding of the new leasing standard, how it may affect your business or clients, and to help prepare for implementation.

Major Subjects
  • The significant differences between current treatment of leases under ASC 840 and the new treatment under ASC 842, including the new definition of leases and the impact of imbedded leases.
  • Accounting and reporting differences between the newly defined operating leases and the newly created finance leases.
  • Adoption of ASC 842 pertaining to both restatement of financial statement figures as well as financial statement note disclosures. 

Course Materials

Faculty

Joel W. Korson, CPA, CCIFP Senior Manager Related seminars and products

Audit Department


Joel is a senior manager in the audit department at Maner Costerisan in Lansing, Michigan. He has over eight years of experience in the audit department, primarily with for-profit entities in manufacturing and construction industries. Joel graduated with High Honors from Michigan State University with a Bachelor of Arts in Accounting and Master of Science in Accounting. He is a member of American Institute of Certified Public Accountants and Michigan Association of Certified Public Accountants. He earned his Certified Construction Industry Financial Professional designation in February of 2022.


Kasey Roth Roth Related seminars and products

CPA Manager, Audit Department


Kasey joined Maner Costerisan in 2015. She is a Manager in the Audit Department and has over six years of experience auditing telecommunications entities as well as governmental organizations.  She is a member of the firm’s Telecommunications and educational services groups.  She graduated from Madonna University with high honors obtaining a Bachelor’s degree in accounting and has a Master’s in Business Administration. She is also a member of the Michigan Association of Certified Public Accountants. 


Dates

Thu, Aug 11, 2022 - 01:30pm to 02:20pm EDT
Tue, Sep 20, 2022 - 12:00pm to 12:50pm EDT
Mon, Oct 24, 2022 - 04:00pm to 04:50pm EDT
Fri, Nov 11, 2022 - 09:30am to 10:20am EST
Mon, Dec 12, 2022 - 11:00am to 11:50am EST
Wed, Jan 25, 2023 - 03:00pm to 03:50pm EST
Sat, Feb 25, 2023 - 09:00am to 09:50am EST
Thu, Mar 02, 2023 - 05:00pm to 05:50pm EST
Fri, Apr 21, 2023 - 10:00am to 10:50am EDT

Additional Info

Basic Course Information

Prerequisites

A basic understanding of the current treatment of leases under ASC 840


Advanced Preparation

None


Designed For

All industry professionals, private or public.

 


Original Recording Date 08/2022
Yellow Book

No


Course Developer

MICPA


Date Added to Catalog

6/18/2022


Additional Information

Complaint Resolution Policy

Please contact Anne Taylor for any complaints.  anne.taylor@acpen.com, (972-377-8199).


Official Registry Statement

Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org


Instructional Delivery Method

Group Internet Based


Course Registration Requirements

Online Registration


Refund/Cancellation Policy

Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer.


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