Lease Accounting Conference 2017: Successfully Implementing the New Standard

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Lease Accounting Conference 2017: Successfully Implementing the New Standard

CPE Credit: 16 Hours

Price: $1,445.00

NASBA Field of Study: Accounting

 

Overview

FASB’s new Lease Accounting Standard will greatly alter the accounting rules for leases and have a huge impact on most companies’ financial reporting. To prepare you for these significant changes, we are pleased to announce our new two-day Lease Accounting Conference.

You'll receive the latest updates on FASB's new Lease Accounting Standard and its expected impacts on you and your company, along with the latest, real-world tested success strategies to handle all of these major new changes.

This specialized conference will feature a practical learning approach with interactive case studies. Attendees will have the opportunity to understand the implementation questions the FASB and IASB have been receiving, and have any questions answered directly by the experts.

 

AGENDA HIGHLIGHTS


•  Overview of the New Leasing Standard

•  What is a Lease? An In-Depth Look

•  Separating Lease and Non-Lease Components

•  Key Definitions and Concepts Under the New Leasing Standard

•  A Deep Dive Into Lessor Accounting Under the New Standard

•  Certain Transactions (Lessors and Lessees)

•  Transition and Disclosure

•  What Your Company Should be Doing Now for a Smooth Transition to the New Standard:
   Practical Implementation Matters

•  Tax Impacts of the New Leasing Standard

•  Comparing US GAAP and IFRS

 

LEARNING OBJECTIVE  To update accountants and other financial professionals on FASB/IASB’s recent and upcoming rule changes regarding accounting for leases, while providing practical advice and proven effective techniques for handling these changes.

PREREQUISITE  None.    ADVANCE PREPARATION  None.    PROGRAM LEVEL  Update.    NASBA FIELD OF STUDY  Accounting.    DELIVERY METHOD  Group-Live.

 

This program is also available via live webcast
Lease Accounting Conference 2017: Successfully Implementing the New Standard Webcast

Agenda

DAY ONE AGENDA*


Deluxe Continental Breakfast & Registration
8:00 – 8:45 AM

Welcome & Opening Remarks
8:45 – 9:15 AM

Overview of the New Leasing Standard
9:15 – 10:15 AM
The new leasing guidance was issued by the FASB in February 2016. This session will provide an overview of the New Leasing Standard under US GAAP.
• Background, effective date and transition
• Model overview from lessee’s perspective
• Model overview from lessor’s perspective
• Scope exceptions including short term leases             
• Portfolio and capitalization threshold approaches            
• Accounting model for certain transactions—subleases, sale and leasebacks, build-to-suits
• Preparing for a smooth transition

Break
10:15 – 10:30 AM

What is a Lease? An In-Depth Look
10:30 – 11:30 AM
Companies often enter into arrangements that may contain embedded leases. This session will provide an in-depth discussion about what is a lease and how to identify it along with several interactive examples and case studies.
• What is a lease?
• How to identify a lease
  – Decision tree walk-through
  – Illustrative practical examples 
  – Interactive case studies to give you practical experience in how to apply the new leasing model

Separating Lease & Non-Lease Components
11:30 AM – 12:30 PM
An arrangement may contain lease and non-lease components. This session will help you identify and separate lease and non-lease components from a lessee’s and lessor’s perspective, along with practical examples.
• What is a component?
• Identifying lease and non-lease components
• Mechanics of how to calculate consideration in the contract and allocate it to lease and non-lease
  components
• Interactive practical examples to illustrate how separation and allocation actually works

Luncheon
12:30 – 1:30 PM

Key Definitions & Concepts Under the New Leasing Standard
1:30 – 2:00 PM
This session will give you a working knowledge of the key definitions and concepts under the New Leasing Standard that will help you understand the lessee and lessor lease accounting model, including: 
• Commencement date
• Lease term
• Lease payments
• Initial direct costs
• Discount rate

A Deep Dive Into Lessee Accounting Under the New Standard
2:00 – 3:15 PM
The New Standard will impact lessees significantly. In this session, we will discuss the lessee accounting model in detail.
• Lease classification and financial statement impact
• Recognition and measurement
• Asset impairment
• Reassessment requirements
• Modification
• Lessee accounting practical examples and interactive case studies

Break
3:15 – 3:30 PM

A Deep Dive Into Lessor Accounting Under the New Standard
3:30 – 5:00 PM
There are certain changes to the lessor accounting model that may have a significant impact on lessors. In this session, we will discuss the lessor accounting model in detail.
• Lease classification and financial statement impact
• Recognition and measurement
• Asset impairment
• Modification
• Day 1 loss situations
• Lessor accounting practical examples and interactive case studies

Cocktail Reception
5:00 – 6:00 PM

 

DAY TWO AGENDA*


Deluxe Continental Breakfast & Registration
7:45 – 8:15 AM

Certain Transactions (Lessors & Lessees)
8:15 – 9:30 AM
There are significant changes to the accounting model applicable to certain transactions which will impact lessors and lessees. In this session, we will discuss these transactions and their accounting in detail.
• Sale and leasebacks
• Build-to-suit leases
• Subleases
• Related-party transactions
• Interactive practical examples to illustrate the concepts

Break
9:30 – 9:40 AM

Current FASB Direction in Lease Accounting
9:40 – 10:35 AM
Thomas Faineteau, Practice Fellow, FASB, will provide an update on the inquiries the FASB is receiving from constituents, how the FASB plans to update constituents on those inquiries that have been answered, and any plans for clarifications to the guidance. There will be time for questions and answers.

Break
10:35 – 10:45 AM

Transition & Disclosure
10:45 – 11:45 AM
Companies will need to address transition issues under the New Leasing Standard. The New Standard also requires enhanced qualitative and quantitative disclosures by both lessees and lessors. In this session, we will discuss transition, presentation and disclosure in detail.
• Transition method       
• Practical expedients        
• Lessee transition including:
  – Operating leases
  – Capital leases
  – Exit and disposal costs
  – Initial direct costs
  – Sale-leasebacks
  – Build-to-suits     
• Lessor transition including:
  – Sales-type leases
  – Direct financing leases
  – Operating leases
• Disclosures
  – Lessee qualitative and quantitative disclosures
  – Lessor qualitative and quantitative disclosures 

Luncheon
11:45 AM – 12:30 PM

Current IASB Direction in Lease Accounting
12:30 – 1:15 PM
Gary Kabureck, Board Member, IASB, will provide an update on the inquiries the IASB is receiving from constituents, how the IASB plans to update constituents on those inquiries that have been answered, and any plans for clarifications to the guidance. There will be time for questions and answers.

What Your Company Should be Doing Now for a Smooth Transition to the New Standard: Practical Implementation Matters 
1:15 – 2:15 PM
Learn from real-life experiences from others who are dealing with:
• Transition issues created by the New Standard’s major accounting changes
• Practical problems being faced implementing the New Lease Accounting Standard

Break
2:15 – 2:30 PM

What Your Company Should be Doing Now for a Smooth Transition to the New Standard: Practical Implementation Matters
2:30 – 3:30 PM
Discover how the New Lease Accounting Standard will impact your company’s:
• Systems and processes
• Data gathering and inventorying leases
• IT implementation and software-related issues

Comparing US GAAP & IFRS
3:30 – 4:20 PM
This session will highlight the significant differences between US GAAP and IFRS as they pertain to the New Lease Accounting Standard.

Conference Ends
4:20 PM

 

* PLEASE NOTE: Session topics and times are subject to change based on location and speaker availability. Please call 1-800-544-1114 for specific agenda details.

 

This program is also available via live webcast
Lease Accounting Conference 2017: Successfully Implementing the New Standard Webcast

Speakers

CONFERENCE CHAIRPERSON


Ashima Jain, Managing Director, PwC, is a lease accounting specialist with over 10 years of experience. In addition to leading roundtables on the subject, she is the author of several thought leadership papers, and currently advises clients in multiple regions and sectors on implementing and understanding the New Standard. Previously, she worked in PwC’s Transaction Services Group, a global business unit providing real-time guidance on accounting, financial reporting and the value implications inherent in a variety of complex transactions. She is a member of both the American Institute of Certified Public Accountants and the California State Society of Certified Public Accountants.

 

SPEAKERS INCLUDE


Lacy D. Bogan, Senior Manager, Ernst & Young LLP

Thomas Faineteau, Practice Fellow, FASB

Louis Fanzini, SVP, Deputy Controller, TD Bank

Andrew Fiorenza, Director, Accounting Policies, Comcast

Diane Jennings, Director, Advisory Financial Services, PwC

Marc Jerusalem, Director, National Professional Services Group, PwC

Gary Kabureck, Board Member, IASB

Michael Maffei, Structured Finance, GATX

James Medeiros, Principal, CrossCountry Consulting

Angela Newell, BDO, National Assurance Partner

Sean Prince, Accounting Advisory Practice Leader, Dixon Hughes Goodman LLP

Paul Shilling, Director of Corporate Accounting, Starbucks

 

This program is also available via live webcast
Lease Accounting Conference 2017: Successfully Implementing the New Standard Webcast

Workshop

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Forum

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Location

CPE INC. has reserved a block of rooms at preferential rates. To make your hotel reservation,
call CPE INC. or the hotel’s reservation department and ask for the CPE INC. special room rate.

 

Crowne Plaza Valley Forge
260 Mall Boulevard
King of Prussia, PA 19406
(610) 265-7500

 

Hilton McLean Tysons Corner
Worldwide Corporate Flagship Hotel
7920 Jones Branch Drive
McLean, VA 22102
(703) 847-5000

 

This program is also available via live webcast
Lease Accounting Conference 2017: Successfully Implementing the New Standard Webcast