Understanding Lease Accounting – ASC 842, IFRS 16, and GASB 87 in a Nutshell

Description:

Please join us for a dinner meeting on the basics of lease accounting based on the new accounting rules per US GAAP – ASC 842, IFRS 16 and GASB 87. There used to be two types of leases under the old standards: leases that were capitalized and leases that were not capitalized. Under the new rules, all leases longer than one year must be capitalized. This means that the lessee recognizes the property, or the equipment being leased as an asset, along with a related liability. While there are overlap in the definition and accounting principles, there are significant differences between the standards. We will discuss key concepts and some of the major accounting requirements under each standard.

Learning Objectives and Program Content: At the end of this session, participants will understand key concepts and accounting requirements under ASC 842, IFRS 16, and GASB 87 and understand definition and classification of leases under each standard.

Program Level: Basic

Field of Study: Accounting Technical

Instructional Delivery Method: Virtual Meeting

CPE: 1 credit hour

***Plan to come early for DC Chapter Social Connections from 5:30-6pm. ***

Bio:

Mimi Tran, CPA is currently working as a consultant for Blake Wilson Group. Mimi has over 20 years of experience in accounting and has extensive technical lease accounting knowledge of US GAAP (ASC 842), international (IFRS 16) and government (GASB 87) standards. Mimi has worked with various multi-million-dollar public and private organizations, helping clients interpret the new lease accounting standards, and solve many complex lease accounting issues from a technology standpoint. Most recently, Mimi supported the Washington Metropolitan Area Transit Authority (WMATA) to review and assess their contract agreements, to determine if they qualify as leases under the new GASB 87 definition. In her free time, Mimi enjoys exploring new places, trying out new food, and doing photography.

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Administrative Policies: All sales are final. Refunds must be requested by the RSVP date for an event in writing or by email. Credits may be issued to be used for future event registrations.

Official National Registry Statement: The Accounting & Financial Women’s Alliance 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: https://www.nasbaregistry.org/.

Mission of AFWA: The mission of the Accounting & Financial Women’s Alliance is to enable women in all accounting and finance fields to achieve their full potential and to contribute to their profession. For more information about the Accounting & Financial Women’s Alliance (AFWA), please visit www.afwa.org.

Tickets

$20.00 Guest Ticket

$5.00 Student Ticket

$10.00 Member Ticket