T2.31

Understanding the New FASB Lease Standard: the Impact on Real Estate and FM Operations


Organizations across industries and geographies are faced with the challenging task of analyzing their leasing arrangements/portfolios to ensure they are ready to comply at the time of adoption. This applies to real estate, equipment and fleet leases, as well as services contracts which may contain embedded leases. Current accounting guidelines allow for a majority of leases to be accounted for “off balance sheet” and therefore companies have historically been less concerned with the rigor of the processes around leased assets. Under the new guidance there will be a much higher degree of reporting and thus scrutiny of lease information. Compounding this is the change will need to be accounted for as early as 2017. What does this mean for you? Will you be ready? In order to determine what changes are necessary to apply the new standard, much of the upfront work will revolve around assessing the state of a company’s current lease contracts, abstracting additional lease data and planning for ongoing management of this financial information. Join us for practical insights into how organizations can best prepare for Day 1 of the standard and leverage enabling technologies to ensure that the process is effectively managed for Day 2 and beyond.


1. Review an overview of the ASC 842, Leases
2. Learn about the lease accounting journey
3. Comprehend next steps - transition to the new leases standard
4. Recap and questions

 
Start Time:

3/7/2017 10:00:00 AM

End Time:

3/7/2017 10:50:00 AM

Presented by:

Paul Head, II
Senior Manager
Ernst & Young Construction & Real Estate Advisory Services


Joe Fitzgerald
Financial Accounting Advisory Services
Ernst and Young


Room Number:

331

Audience:

Advanced

CEU:

0.1

Track:

Leadership and Career Advancement



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