Overview:
New rules promise to substantially alter how companies account for leases in their financial statements. This seminar will update you on the FASB/IASB's joint project on leases and highlight how the new rules will differ from the existing rules. You will:
- Review recent pronouncements from the SEC, FASB and IASB affecting accounting and disclosures, including FASB's new project on leases
- Learn best practices for implementation of the new rules
- Discover how changes to the leasing rules will impact lease structuring
Objective:
To give financial professionals a comprehensive understanding of the changes that the joint project will make to the current accounting rules for leases. You'll examine how the new rules will impact your financial statements, and you'll gain practical guidance on how to apply the new rules to your company's reporting situation.
Emphasis:
- Overview of proposed new lease accounting standard
- Background
- Comparison to current US GAAP and IFRS lease accounting
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Effect on lessees:
– Equipment leasing
– Corporate real estate
– Lease vs. buy decisions
– Example -
Impact to lessors:
– Performance obligation approach
– Derecognition approach
– Example -
Best practices: what should businesses be doing now?
– IT systems capabilities
– Lease accounting controls and processes
– Other business groups - Financial statement disclosures
- Effects of leasing on taxes and ASC 740 (FAS 109)
- Sale/leaseback transactions
- Feedback from comment letters to FASB
- Case study
