The revised effective date for private companies’ adoption of the new leasing standard (ASC Topic 842, Leases) is now January 1, 2022! Question: Will you be prepared to audit such transactions properly?

This session is designed to provide external auditors with practical and insightful perspectives on how to audit transactions under the Financial Accounting Standards Board’s (FASB) new leasing standard. You'll learn the latest accounting and financial reporting requirements and how to substantively and analytically test them in accordance with professional standards.

Topics Covered:

• Learning about the new leasing standard (ASC Topic 842, Leases), particularly the FASB's new take on how operating leases will now be recognized on the balance sheet as well as the new presentation, disclosure requirements, practical application, and how to audit them properly

Learning Objectives:

• Define the FASB’s new leasing standard requirements


• Identify and discuss the new accounting and reporting requirements of leases


• Determine which audit procedures to perform


• Determine how to properly audit the transition requirements and initial adoption of the new standard