New Lease Accounting Standard: How Will Clients and Businesses Be Affected?
Duration: 90 Minutes
The new FASB lease standard will have a major impact on how both lessees and lessors recognize, measure, and present assets, liabilities and expenses arising from leases. In this webinar, Certified Public Accountant Candace Leuck, will update you on the new lease accounting standard and detail how its changes will affect lease transactions. With so many clients soon to be affected, now is the time to learn the new rules and gain the answers to the many questions you will be asked. Also learn how the standards will affect balance sheets.
Most entities will be affected as the final ASU applies to all leases with the exception of those for intangible assets, exploration or use of some natural resources, and those involving biological assets.
Objectives of the Presentation
Why Should you Attend
- Understand what is changed under the new FASB accounting for leases standard
- Explain the impact of the lease standard on financial statements
- Have a broad understanding of the lessee and lessor accounting model, measurement guidance, and disclosures required by the ASU
- Recognize the implications of leases imbedded in broader contracts
- Review examples of how to value the lease assets and lease liabilities along with an understanding of how to report expenses
- Have a broad understanding of the transition and effective date of the new standard
The new accounting standard on leases contains some dramatic changes that organizations with lease contracts will need to prepare for. To be ready when the new guidance goes into effect, financial executives and others who negotiate lease contracts need to comprehend the potential ramifications of the coming changes and determine the best way to implement the guidance in their organizations. This webinar provides an overview of issues they should consider so that their organizations are prepared to implement the standard when it goes into effect.
Who will Benefit
- Summary and Scope of FASB's Accounting for Leases Standard
- The effects of the new lease standard on the global economy
- Lease Identification and Classification
- Effective date and transition requirements
- Lessee Accounting - finance leases versus operating leases
- Lessor Accounting including a discussion of sales type leases
- Disclosure requirements
- Other Provisions including transition
- Implications for Your Client or Business and Users of Their Financial Statements
- All C-suite professional staff
- Finance and accounting teams
- CPAs in public practice with clients who need to have financial statements prepared in accordance with professional standards
- Internal auditors and systems designers
After almost 20 years of effort and a dozen CFLA submissions, the International Accounting Standards Board and the U.S. Financial Accounting Standards Board released new lease accounting standards in early 2016. Many changes are coming as the new standards are slated to come into force from January 1, 2019.
In the webinar, the speaker will guide you on how to navigate the new lease accounting standard. The webinar is intended to provide a high level overview of the coming changes and to discuss how they might impact your business. Specifically, the webinar shows how accounting under IFRS 16 and/or U.S. GAAP will be different and it will outline the practical challenges and implications for leasing strategy.