Description
Gain a better understanding of the new lease accounting requirements and how to comply with them.
The adoption of the new lease accounting standards from the FASB, IASB and GASB have already seen far reaching financial and organizational implications for companies of all sizes and are affecting the advice and counsel their advisors and attorneys provide during lease negotiations. The advent of these new lease accounting standards require all parties to a lease, and their advisors, to understand how concepts such as how a renewal option can result in a 10 year lease being accounted for as though it were a 20 year lease, with a near doubling of the impact on the companys balance sheet and other financial results. Importantly, the impacts are not just financial in nature, and the nonfinancial and organizational impacts are widely expected to affect governance, risk and compliance, internal controls, accounting policies, SEC reporting and MA activity. Many of these areas are most affected by the subjective nature of many aspects of the new standards, and there are many lessons that have been learned in the nearly five years since ASC 842 and IFRS 16 first arrived on the scene. Understanding these issues will be critical for the purposes of helping companies successfully navigate the accounting, reporting, and leasing processes ahead.
Date: 2024-07-22 Start Time: 1:00 PM ET End Time: 2:40 PM ET
Learning Objectives
* You will be able to review new lease accounting rules and what has changed.
* You will be able to recognize operating leases vs. finance leases.
* You will be able to describe the mechanics of the new rule.
* You will be able to expalin errors with lease accounting rules.