New Leasing Accounting Standards
May 31, 2018
12:00 p.m. - 1:00 p.m. Central Time
Presented by Roman Basi, The Center for Financial, Legal & Tax Planning, Inc.
Registration Fee: $99 Members; $199 Non-Members
With the new lease accounting standards representing one of the largest reporting changes to accounting principles in decades, this presentation will unpack some of the voluminous language that will likely be a task for companies and accountants. While the new standard provides for a long transition period it requires a retrospective approach that is vital for the industry to understand. The overarching focus is to inform participants how the new standard will affect entities engaged in leasing and how they might prepare for such transition.
Roman Basi, Attorney/CPA will explain to participants how the new rules require an ongoing evaluation of leases to determine the affect of events that may change the recognition or measurement of a lease. Additionally, Roman will explore some of the more challenging aspects of the new standard including the requirement in which parties must separate lease components within a contract to identify and segregate non-lease components.
The main points of attention will be an analysis on determining if a lease falls within the scope of the new standard and if so how to analyze whether there are multiple lease components that should be accounted for separately. In addition, we will examine the higher burden placed upon lessees in regard to recognition and measurement of “operating” and “finance” leases and expound on some bright line rules that allow for greater judgment in regard to the recognition and measurement of leases. The participants will learn about the five criteria which determine the differences between sales-type leases and direct financing leases.
WHAT YOU WILL LEARN
- How to prepare for the new lease accounting standards transition.
- The necessity and reasoning for ongoing evaluations of current leases.
- Why and how to separate lease components.
- Accounting for separate lease components in order to maintain the new standard’s requirements.
- Rules and examples to provide guidance in recognizing and measuring leases.
- Guidance in determining and differentiating sales-type leases and direct financing leases.
- The effects of lease modifications and how to allocate/apportion the modifications.
WHO SHOULD ATTEND
Those who will benefit from this program are persons interested in the new accounting standards, accountants, and business owners who maintain their accounting records.
ABOUT THE SPEAKER
Roman Basi is the President of The Center for Financial, Legal, & Tax Planning, Inc., a law and accounting firm specializing in federal tax, corporate and real estate law, mergers and acquisitions, estate planning and succession planning. Roman is a Licensed Attorney in the States of Illinois, Missouri, Arizona, and Florida and is licensed in the United States District Court for the Southern District of Illinois as well as being admitted to practice in the United States Supreme Court. Roman is also a Licensed CPA, Managing Real Estate Broker, Licensed Real Estate Sales Associate, Title Insurance Agent and holds a Masters of Business Administration.
Can’t make the time or date? Webinars will be available on-demand once it's completed. It’s affordable and available when and where it’s convenient for you. The cost is $99.
If you have any questions about this program or any other MHEDA events, send us your questions or comments at firstname.lastname@example.org or call us at 847-680-3500.