Time is running out for public companies to adopt the latest lease accounting rules, which include ASC 842 under the guidance of the Financial Accounting Standards Board (FASB), and IFRS 16 under the guidance of the International Accounting Standards Board (IASB).
For domestic public companies, new lease accounting rules go into effect starting with fiscal years after December 15, 2018, including interim periods within these fiscal years. International companies, both public and private, have until January 1, 2019, to adopt IFRS 16.
Finance leaders need to be aware not only of changes to, but also key differences between, domestic and international lease accounting standards. For a domestic lessee, the most noteworthy change is the requirement that it include operating leases, and distinguish them from finance leases, on the balance sheet. But that requirement does not apply to an international lessee, which would account for all leases as finance leases in financial statements.
During this Webcast, we will highlight the most important changes finance leaders should be aware of when making leasing decisions in light of the new standards, including:
- How a domestic company will need to represent leases on the balance sheet,
- Which aspects of ASC 842 enable domestic companies to simplify how they implement new lease accounting requirements,
- How the latest lease accounting rules differ most significantly for domestic and international companies, and
- Which implications of the new lease accounting rules, in combination with other factors such as changes to the tax code, companies ought to consider when deciding whether and when to lease.
About the Panelists
Cecil Nazareth, Partner, Nazareth CPAs
Cecil Nazareth is a partner with Nazareth CPAs, a firm that specializes in complex international tax and accounting issues. Before forming his own practice, he worked in the SEC Practice Section of the Association of International Certified Professional Accountants (AICPA), and earlier served as a financial services industry specialist for Ernst & Young. He is the author of the book International Tax & Compliance Handbook, and he is an Adjunct Professor of Global Accounting at Fordham University's Gabelli School of Business.
George Victor, Partner, Giambalvo, Stalzer & Company, Certified Public Accountants, P.C.
George Victor is the partner in charge of quality control at Giambalvo, Stalzer & Company, Certified Public Accountants, P.C., in Great River, New York. He is responsible for formulating the firm's accounting and auditing policies, monitoring compliance with professional standards, and oversight of the firm's professional education program. Mr. Victor has extensive experience with providing accounting and advisory services to both privately-held and SEC-reporting companies, and has consulted to CPA firms in the U.S. and abroad on areas of quality control, U.S. GAAP, and International Financial Reporting Standards.
About the Moderator
Joe Fleischer, Editorial Director, Finance Channel, Argyle Executive Forum
In his role as finance channel editorial director with Argyle Executive Forum, Joe Fleischer focuses on developing virtual events on topics that reflect the primary concerns and priorities of senior finance executives. He is based in New York.