FASB Updates on Accounting Standards for Leases
Laura Thessin, CPA, MBA
Established finance and accounting professional with over 12 years of progressive experience. She transitioned from my role as a Commercial Loan Officer with an established community bank to an executive with The Engineering Groupe, Inc. She manage the day-to-day financial operations of the organization and coordinate all financial strategic planning. In addition, She also teach a senior level auditing course at the University of Mary Washington. She also create content and speak for continuing education providers.
B.A. in International Relations, 2010 College of William and Mary. M.B.A., 2015 Liberty University. M.S. in Accounting, 2020 George Mason University.
Vice President, Corporate Services - The Engineering Groupe, Inc. She manage the Corporate Services department at a small, privately owned Civil Engineering and Land Survey Firm of 60 employees. This includes accounting, human resources, administrative staff and IT.
Adjunct Professor, Auditing - University of Mary Washington- She teach the required auditing course to undergraduate students in the accounting department at the University of Mary Washington. This course is an upper level auditing course and is required for students gradating with an accounting degree.
Certified Public Accountant- Virginia Board of Accountancy (VBOA), Issued September 2022, Credential ID: 52216.
In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases (ASC 842). This update replaces the prior lease guidance issued in 2019 and provides new and updated requirements for financial accounting and reporting for both lessees and lessors. Lessees will feel the biggest impact of this update, as they are required to recognize the vast majority of leases on their balance sheet, providing a corresponding right-of-use asset. This course is designed to help you navigate the complexities of this update, providing insight into how to identify whether these standards apply to your business, how to apply them, how to avoid non-compliance, and how to prepare your company for implementation. In March of 2023, ASU 2023-01 was issued providing guidance for leases under common-control arrangements. This update will also be covered in detail, assisting the attendees in understanding the situations in which this two-part update will apply.
- Transition Methods
- What’s Changed?
- Lessee/Lessor Classification and Accounting for Leases
- Disclosure Requirements
- A Look Into ASU 2023-01
- Differences in ASU 2023-01 Issue 1 and Issue 2
Course Level- Intermediate
Who Should Attend
Accountants, Accounting Firms, Not-For-Profit Companies
Why Should You Attend
Uncertainty and doubt can leave you unsure of how to appropriately classify leases for both lessees and lessors. Furthermore, additional guidance was just issued providing a practical expedient for private/not for profit companies under common-control arrangements and amending the accounting for leasehold improvements for all entities. This course will assist in making sure you are up to date with all of the recent changes and understand the impact the changes will have so that you can confidently apply them in your line of work.
ASU 2016-02 and ASU 2023-01, Leases (ASC 842)