Accounting for Leases

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The main objective of ASC Topic 842 is to ensure lessee financial statements provide comparability and transparency by recognizing assets and liabilities for the vast majority of lease arrangements.  ASC Topic 842 makes relatively few amendments to legacy lessor accounting rules. The targeted changes focus on aligning lessor accounting with concepts in ASC Topic 606, Revenue from Contracts with Customers.  Under ASC Topic 842, lessors continue to classify leases as operating, direct financing, or sales-type. Lessors are no longer able to classify arrangements as leveraged leases, but leveraged leases existing as of the transition date are grandfathered. 

This course will review the major updates provided by the new lease standard.

Learning Objectives
After reviewing this chapter, you should be able to:

  • Understand the updated Topic 842 –Leases 
  • Identify the types and classifications of leases for lessees and lessors
  • Identify how to account for a lessee’s operating and capital leases and required disclosures
  • Identify how to account for a lessor’s operating, direct financing, and sales-type leases and required disclosures
  • Understand sale and leaseback issues
  • Identify the effective date of the updated lease standard

CPE Credit: 2 hour Accounting

Lynn Fountain, CPA, CGMA, CRMA

Lynn Fountain has over 38 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.

Ms. Fountain is currently engaged in her own consulting and training practice. She is a highly sought-after trainer and international speaker. In addition, Ms. Fountain has assisted numerous companies with enterprise risk management frameworks, internal audit processes and financial accounting. She also serves as a discussion leader for the AICPA for numerous classes finance, accounting and risk management topics.

Ms. Fountain is the author of three separate technical books. Her first book released in 2015 by the Institute of Internal Auditors Foundation is entitled “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”. Her second book “Leading the Internal Audit Function” was released in October 2015 by Taylor & Francis Publications. This book serves as the initial launch for a series of leading practice internal audit and information technology publications. Her third book “Ethics and the Internal Auditor’s Dilemma” was released in December 2016.

Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.

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NSA is approved by NASBA, the IRS, ACAT, and CTEC as a provider of continuing professional education.

The National Society of Accountants 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:

NSA has been approved by the California Tax Education Council to offer the above courses to go towards the annual "continuing education" requirement imposed by the state of California. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, by phone at (877) 850-2832, or on the Internet at