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For many reporting entities, leasing is an important way to obtain access to the property. It allows lessees to finance the use of necessary assets, often simplifies the disposal of used property, and reduces a lessee’s exposure to the risks inherent in asset ownership.
In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases (ASC 842), which will replace the prior lease guidance in 2019 by providing new requirements of financial accounting and reporting for lessees and lessors.
This new standard represents the first comprehensive overhaul of lease accounting since FAS 13 was issued in 1976. The new guidance will affect entities across all industries because most companies enter into contracts that contain leases to support their business operations.
Lessees will likely see the most significant changes as they are required to recognize substantially all leases on their balance sheets with a corresponding right-of-use asset. While lessor accounting remains similar to previous guidance in most respects, there are some important changes. For example, certain principles of the lessor model are updated to align with changes to the lessee model and the new revenue recognition standard (ASC 606). To minimize disruptive missteps and costly non-compliance, entities need to take a timely and thorough approach.
This CPE conference on accounting answers the following major questions:
This CPE Virtual Conference is designed to help you navigate the complexities of this standard, identify its implications of it, and prepare for transition and implementation.
The sessions of the conference qualifies for
All the changes in the lease accounting standards have created new audit requirements for nearly everyone.
This area is likely to get more attention than usual from the auditors; therefore it is critical to ensure that this section of the books is fully audit-ready. It is important to set up the right controls and processes for identifying, abstracting, classifying, and properly accounting for your leases so every audit goes smoothly.
In this CPE session, leasing specialists from EZLease will do a deep dive into the elements of a successful lease accounting audit this time and in the coming years. We'll show you how the right information and lease accounting tools can make your audit easier.
Group Internet Based
Let’s face it, lease accounting is hard. Not only does ASC 842 demand that all leases are on your balance sheet, but it poses a financial and operational risk to your finance team.
ASC 842 fundamentally changes how finance teams account for their lease liabilities and ROU assets. Your journal entries and close-the-books processes need a sustainable process in place. Part of the intent of the standard was to shed more light on “off-balance sheet” financing - which is why operating leases will be reported on balance sheets going forward in the form of those ROU assets and liabilities.
The new lease accounting standard requires more teamwork and effort from finance and real estate teams. Implementing the new guidance will also provide management better insight into the true extent of their lease obligations and lead to improvements in capital allocation, capital budgeting, and lease vs. buy decisions.
In this CPE session, we’ll talk about organizing your lease data, analyzing your lease data, and building processes and procedures for lease accounting.
Group Internet Based
12:00 PM – 12:30 PM EDT
It’s time to implement the new ASC 842 lease accounting standard. Is your company ready?
ASC 842 requires specialized solutions for any size of organization. Spreadsheet-based solutions have difficulty capturing the complexity of these new standards. NetLease helps with simple lease accounting needs that want to leave their spreadsheets for an easier option. It provides a zero-cost path to becoming fully GAAP compliant and offers a smooth transition over to the new lease accounting standards.
This CPE session will answer the following questions:
Netgain’s NetLease management tool was designed by Big 4 accountants to provide businesses with an easy cloud-based application that simplifies a complex standard.
Join this CPE session to know more about NetLease and how it supports both lease management and accounting, whether for just a few simple or thousands of complex leases.
Group Internet Based
Vice President, Finance
Director, Solutions and...
Technical Accounting Ma...
Lauren Covell is a Certified Public Accountant who currently lives in St. Louis, Missouri. She started her career in the PwC audit practice. After PwC, she joined a consulting firm and assisted companies in navigating complex technical accounting matters and streamlined their monthly close processes. Prior to joining Occupier, she was responsible for implementing ASC 842 for a vast portfolio of retail and equipment leases at a high growth consumer products company. Lauren is also passionate about collaborating with others to optimize solutions and creating win-wins for every stakeholder in the process
My 4 favorite professional activities:
My career started in software support and I have settled in accounting technology. Below, you’ll find a successful history of finding, developing and executing on relationships and developing strategies, and managing alliances and partnerships.
I have led thousands of client meetings for both Fortune 500, FTSE and mid-market companies. I have held dozens of technology and thought leadership webcasts. My proudest accomplishments were the pioneering wins away from key competitors, first commercialization software implementations and breakthroughs into new markets.
I have held demonstrations, training programs and executed support in Russian and would love to leverage my bilingual abilities again
Most of all, I strive to continue to learn.View More
Experienced Implementation Manager with a demonstrated history of working in the software industry with Financial and Banking software implementation experience. Skilled in Requirements gathering, Data Modelling, solution design, Accounting, Agile Methodologies, complex SQL/Oracle scripts, Software Development Life-ccle (SDLC), System Implementation Life-cycle (SILC), and Leadership. Strong information technology professional holding Association of Chartered Certified Accountants (ACCA) membership focused in Accounting and Finance.
Becca is a CPA and expert technical accountant. After starting her career at Deloitte in their tax practice, she joined Netgain to help companies of all sizes transition to the new accounting standard ASC 842. As a true problem solver, Becca has helped hundreds of companies consider how to manage their lease accounting. Above all she enjoys helping to make accountants lives easier with automation.
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