CPA Exam: Ace FAR Lease Accounting in One Sitting with Peter Olinto
Ace FAR lease accounting in one sitting with UWorld’s global lead instructor Peter Olinto, CPA (inactive), CFA, JD. Using real exam-style examples, Peter demystifies classification tests, right-of-use (ROU) assets, lease liabilities, amortization schedules, and tricky journal entries. He also shows you how to master both multiple-choice questions and task-based simulations. 📒
What You’ll Learn:
-Identify finance versus operating leases using the “special SNOB” criteria
-Build accurate ROU asset and lease liability entries on Day 1
-Create a lease amortization schedule that examiners can’t trip up
-Tackle interest and amortization journal entries like a pro
-Apply concepts to simulation-level questions under timed conditions
This session was originally recorded in July 2024.
Timestamps:
0:00 Welcome and UWorld overview
3:35 Lease basics and key definitions
9:58 Lease classification: Special SNOB test
22:30 Finance lease example
32:05 Operating lease criteria
41:15 Day 1 journal entries
55:25 Lease amortization schedule
1:07:42 Monthly entries: Finance versus operating
1:17:10 Discount rates and present value
1:25:38 Depreciation and expense recognition
1:36:10 Finance versus operating: Summary
1:41:44 Journal entries by lease stage
1:52:15 Simulation setup walkthrough
2:04:33 Simulation: Entries, calculations and pitfalls
2:30:22 Final tips and UWorld study tools
Get a Free 7-Day UWorld CPA Course Trial: https://accounting.uworld.com/cpa-rev...
Download Your Guide to the CPA Exam: https://accounting.uworld.com/cpa-rev...
Follow Us for More Accounting Resources:
🤳Instagram: / uworldaccounting
🧮LinkedIn: / uworldaccounting
💻Website: https://accounting.uworld.com/
Comment Below:
Which FAR lease concept, classification tests, amortization schedules, or journal entries give you the most trouble? Tell us why, and Peter may address it in a live session!
#FARLeasesExplained
#FinanceVsOperatingLease
#ROUAssetAccounting
#LeaseJournalEntriesCPA
#FARLeaseSimulations