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 Panelists

David Kristick, Senior Associate, Plante Moran

In his role as a manufacturing and distribution industry technical leader with Plante Moran, David Kristick advises clients and internal staff on technical accounting and auditing questions. His clients are primarily large middle-market manufacturing companies and public manufacturing entities with significant transactions and complex accounting needs. A member of the Association of International Certified Professional Accountants (AICPA) and the Michigan Association of Certified Public Accountants, he also oversees staff technical training.

Jim McKenney, Principal, The Bonadio Group

Jim McKenney is a New York State-licensed CPA with audit experience in a variety of industries in the U.S. and abroad. Jim has led several advisory projects and has served as an internal auditor in the financial services industry. In addition, he is 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 AICPA, and 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 Group

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

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Field 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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