Gain a better understanding of the new lease accounting requirements and how to comply with them.
In April 2016, after many years of deliberations, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued new rules that required companies to put all real estate and other leases on their balance sheets. These new GAAP and IFRS rules, which started going into effect this past January have wreaked havoc in the industry. Because every company needs certified financial statements, and because time is running short, companies have adopted technology and assembled SWAT teams to get them into compliance. This topic helps accounting, legal and corporate real estate professionals gain a better understanding of the new rules and how to comply with them. It will outline some of the more important nuances in the rules, and some industry best practices in identifying, organizing and tracking leases in order to report on them reliably and consistently. This information is critical for attorneys, accountants and general real estate practitioners who work with companies that need to report their financial statements on a GAAP or IFRS basis
- You will be able to explain why a corporate real estate team needs more resources.
- You will be able to recognize finance vs. operating leases.
- You will be able to review the break down on financial components of leases for accounting purposes.
- You will be able to discuss the new lease accounting requirements.