This course offers an in-depth look at the new leases standard (ASC 842), which requires organizations to recognize lease assets and liabilities on the balance sheet.
This course provides a practical and comprehensive overview of the new lease accounting standard (ASC 842), which requires companies to recognize lease assets and liabilities on the balance sheet. You will learn how to identify a lease using a principles-based approach and understand the recognition, measurement, presentation, and disclosure requirements under the standard. The course covers both lessee and lessor accounting models, with a focus on real-world application and implementation guidance.
We’ll explore a range of scenarios including short-term leases, purchase options, variable lease payments, and remeasurement. You’ll benefit from practical journal entry examples, insights from recent implementations, and the latest updates to lease guidance. By the end of the course, you'll be able to define a lease under ASC 842, apply the recognition and measurement requirements, present and disclose lease information properly, and prepare accurate lease-related journal entries for both lessees and lessors.
CPA and Certified Professional in Talent Development
Melisa Galasso is the founder and CEO of Galasso Learning Solutions LLC. A CPA with over 20 years of experience in the accounting profession, Melisa designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. She also supports essential professional development, audit level training, and train the trainer efforts. Melisa is a Certified Professional in Talent Development (CPTD) and has earned the Association for Talent Development Master Trainer™ designation. Her passion for instructional design and adult learning techniques is one of the differentiators that set her apart from other CPE providers. Within the industry, Melisa serves on the FASB’s Not-for-Profit Advisory Committee (NAC), AICPA Council, and the VSCPA’s Board of Directors. She previously served on the AICPA’s Technical Issues Committee (TIC) and is a past-Chair of the NCACPA’s A&A committee. Melisa also authors the AICPA’s State and Local Government Guide and serves as a SME for the Center for Plain English Accounting. Melisa is the author of Money Matters for Nonprofits: How Board Members Can Harness the Power of Financial Statements by Understanding Basic Accounting which is available on Amazon or anywhere you purchase books online.
