HOW TO ACHIEVE AND SUSTAIN COMPLIANCE WITH THE LATEST LEASE ACCOUNTING RULES

Webinar Summary

Do you know if your company is applying the correct accounting treatment when recording leases? To ensure your company complies with the latest lease accounting rules, finance leaders need to be aware not only of deadlines for implementation, but also key differences between domestic and international standards.

For domestic private companies, the Financial Accounting Standards Board's lease accounting standard, ASC 842, takes effect for fiscal years that begin after December 15, 2020, and for interim periods within fiscal years that begin after December 15, 2021. But international companies should already be in compliance with the International Accounting Standards Board's latest lease accounting standard, IFRS 16.

For a domestic private company that records leases from the perspective of a lessee, the most substantive change from previous lease accounting standards is the requirement that the company include operating leases, and distinguish them from finance leases, on the balance sheet. But this requirement does not apply to an international lessee, which should account for all leases as finance leases in financial statements.

In addition to accounting correctly for current leases, finance leaders must factor in lease accounting rules when evaluating and making decisions about future leases as well.

During this webinar, we will discuss:

What changes to lease accounting rules a private domestic company needs to keep in mind when representing leases on the balance sheet,
Which aspects of ASC 842 enable domestic companies to simplify how they implement the latest lease accounting requirements,
How lease accounting rules differ most significantly for domestic and international companies, and
Which implications of the latest lease accounting rules companies should consider when deciding whether and when to lease.

About the Speakers

Jim McKenney, Principal, The Bonadio Group

Jim McKenney is a New York State-licensed CPA who began his career as an auditor for KPMG in Albany, NY, after working in private industry for eight years. While in Albany, he worked on audits in a variety of industries before specializing in financial services. He spent six years on assignment for KPMG in Zurich, Switzerland, as part of a U.S. GAAP specialty group. In addition to performing audits, he also performed and audited IFRS-to-U.S. GAAP conversions, performed quality performance inspections, and provided classroom training on recent U.S. GAAP developments.

After serving on the global audit of Credit Suisse, he returned to the U.S. to work for KPMG in New York, NY, and then with Citigroup as an internal auditor. Jim is also an adjunct professor in the accounting department of Syracuse University's Martin J. Whitman School of Management as well as a member of the AICPA.

Cecil Nazareth, Partner, Nazareth CPAs

Cecil Nazareth is a partner with Nazareth CPAs, a firm that specializes in complex international tax and accounting issues. Before forming his own practice, he worked in the SEC Practice Section of the Association of International Certified Professional Accountants (AICPA), and previously served as a financial services industry specialist for Ernst & Young.

He is the author of the book International Tax & Compliance Handbook. He is also an Adjunct Professor of Global Accounting at Fordham University's Gabelli School of Business.

About the Moderator

Joe Fleischer, Editorial Director, Finance Channel, Argyle Executive Forum

In his role as finance channel editorial director with Argyle Executive Forum, Joe Fleischer focuses on developing webinars on topics that reflect the primary concerns and priorities of senior finance executives. He is based in New York.

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Fields of Study: Finance
Level: Intermediate
Prerequisite: None
Advance Preparation: None required
Delivery Method: Group Internet-based
Recommended CPE Credit(s): 1

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