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How to Write a Policy Memo for Your ASC 842 Transition

November 29 @ 1:00 pm - 2:00 pm EST

Free
FASB CPE credit

Participants of the free live webinar will be eligible for 1 CPE credit.

Register

Course Description

During this session, LeaseQuery will review the policies and procedures organizations should consider prior to and during the adoption of the new lease accounting standard, ASC 842. Our presenter will also discuss the importance of providing your auditors with clear documentation of your transition to ASC 842 at the beginning of the audit in a policy memo.

We will then explore the procedures and policies to discuss prior to adoption, such as which of the available transition methods and practical expedients will be utilized. Other considerations are the policies with an impact to your lease listing. Lastly, we will cover specific financial statement risks arising from lease accounting and what steps may be taken to reduce these potential errors or misstatements.

 

Learning Objectives

  • Explain the importance of providing a memo to your auditors documenting the policies and procedures applied prior to and during the transition to ASC 842
  • List the various transition methods and practical expedients available to employ during your implementation of ASC 842
  • Recognize the policies to examine during adoption and their potential impact to your lease portfolio
  • Understand the financial statement risks associated with lease accounting and the procedures to apply to mitigate those risks

 

Prerequisites

  • Understanding of lease accounting and the audit process

 

Who Should Attend

Accounting and finance professionals from private organizations in the midst of their adoption of ASC 842 will benefit most from this event, along with CPAs who serve non-public companies.

 

Advanced Preparation

None

 

SPONSOR STATEMENT

LeaseQuery 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: NASBAregistry.org.

For more information regarding administrative policies such as complaints, please contact CPEinfo@leasequery.com.

 

PROGRAM CANCELLATION POLICY

If a program is cancelled, LeaseQuery will notify registrants via the email address that they used to register for the program.

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