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.
New FASB lease standard
Instructor: Candace Leuck
Product ID: 501744
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
  • 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
Why Should you Attend
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.

Areas Covered
  • 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
Who will Benefit
  • 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
Topic Background
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.
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  • Upon purchase of the recorded session a link will be updated on your OCP Account within 24 hours
  • Please click on the link to access the Recorded Session
  • Presentation handouts in downloadable PDF format will be updated on your OCP Account within 24 hours of the purchase of the product
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account after 48 hours of the product Purchase
  • Please share your valuable Feedback at the end of the session
Instructor Profile:
Candace is owner of Athena Finance Group, Inc. specializing in strategic planning, distressed entity recovery, valuations, and educational programs. Athena's mission is to pursue and communicate the information clients need. This is accomplished through a cooperative working relationship. Based on solid strategy, the outcome is an expansion of the opportunities of those served.

Candace was associated with Ernst & Young in the tax and then auditing area, serving small, midsized and SEC clients during her tenure. She gained significant experience with various industries including manufacturers, automobile dealerships and securities brokers.

Upon leaving Ernst & Young, Candace pursued and obtained her Masters of Professional Accountancy from Clemson University and proceeded to her career in the educational arena, teaching at Clemson University, Furman University, and the University of North Carolina at Greensboro. She returned to Clemson in the Fall of 2006 and remained through Spring of 2012. In addition to undergraduate and graduate education, Candace has developed and taught various continuing education courses in both live format and through webcast technology.
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