How to Adopt the New FASB Lease Accounting Standard: A Comprehensive Compliance Guide
The Financial Accounting Standards Board’s (FASB) new ASC 842 lease accounting and reporting standards which are intended to improve consistency among reporting entities, involve tremendous reporting requirements. Including almost all leases to the balance sheets will certainly impact financial statements.
Aside from overhauling their accounting practices, organizations should also implement a robust and comprehensive lease administration and accounting solution to ensure that the adoption of ASC 842 is done correctly.
The Knowledge Group has assembled a panel of key thought leaders and professionals to provide the audience with an in-depth analysis of the significant implications of the new FASB standards. The speakers will also provide practical tips on how companies can manage compliance while improving lease management in a time- and cost-effective way.
Key topics include:
- The New FASB ASC 842: Recent Developments
- Compliance Challenges for Both Public and Private Companies
- Building a Robust Compliance Program
- What to Consider in Selecting a Lease Accounting and Administration Solution
- Best Compliance Practices and Practical Tips
Pranav Tyagi, Founder, President & Chief Executive Officer
Rick Zelinsky, Vice President, Product Strategy
- Steering Committee – establish a steering committee and allow that cross-functional team to make key decisions along the way
- Lease Inventory - don’t underestimate the process of determining your portfolio of leases, inclusive of imbedded leases
- System Reporting and Integrations (Begin with the End in Mind) – the end result is monthly journal entries and disclosure reporting. Clarify the business requirements to achieve that goal.
- Business Process Impacts – Implementation of FASB-842 will inevitably create new and changed business processes. Make sure that enough documentation is assembled to clearly understand roles & responsibilities as well as process steps to maintain compliance go-forward
- Collaboration – successful compliance will involve collaboration between lease administration, lease accounting, financial reporting, procurement, treasury and others to align
Katherine Huh, Director, Lead for Occupier Services
- While you are uploading data - think broadly around what data points beyond accounting you'd like to capture and use
- Understand the industry. Participate in industry roundtables to share lessons learned and best practices
- What business benefits can come from implementing 842
- Selecting a system
Kristin McLaughlin, CPA, Partner, Technical Accounting Consulting
RSM US LLP
- Set up a PMO
- Validate lease population
- Begin abstraction early
- Wise choices in practical expedients and policy elections
- Disclosure requirements are voluminous
Who Should Attend:
- Chief Financial Officers
- Chief Accounting Officers
- Financial Controllers
- VPs and Directors of Finance
- VPs and Directors of Accounting
Mr. Tyagi has over 18 years of industry experience in store lifecycle management and integrated workspace management working with a wide range of clients across retail, restaurants, REITs, healthcare, and banking / financial services. Prior to founding Tango in 2008, Tyagi helped develop and lead the Retail/Real Estate consulting practices at BearingPoint, Ernst & Young and Deloitte Consulting. His areas of expertise include strategic planning, geospatial analytics, market planning, site selection, design and construction, lease administration and facilities management. Tyagi holds an MBA in Strategy and Marketing Research from The University of Texas at Dallas, a Master of Science in Information Systems, and a Bachelor’s degree in Mechanical/Industrial Engineering. He also completed the Leading Professional Services Firms program at Harvard Business School.
Mr. Tyagi has over 18 years of industry experience in store lifecycle management and integrated workspace management working with a …
In his role of Vice President, Product Strategy, Rick is responsible for market analysis, product roadmap and system design and for location operation applications.
Rick is a pioneer in the Store Lifecycle Management and IWMS space and brings with him more than 20 years of real estate technology experience and deep industry knowledge, most notably in lease administration and accounting.
Prior to joining Tango, Rick worked at JPMorgan Chase where he oversaw Global Real Estate Technology of one of the largest corporate and retail tenants. Rick’s real estate technology career began at National Facilities Group, where he ran Client Services and successfully expanded the core corporate-focused SLIM lease administration product with retail functionality resulting in a dominant market position in retail.
In his role of Vice President, Product Strategy, Rick is responsible for market analysis, product roadmap and system design and …
Katherine has 14+ years of experience providing strategic, operational, and regulatory consulting services for global banks, asset managers and retailers. Katherine has assisted clients with developing, structuring, and implementing sustainable strategies to drive revenue growth, operational and system optimization, and address regulatory and business risks.
Katherine has 14+ years of experience providing strategic, operational, and regulatory consulting services for global banks, asset managers and retailers. …
Kristin joined RSM’s executive team to lead the Technical Accounting Consulting practice. She has focused on services for large public automotive entities as well as private equity portfolio companies. With prior roles at both GM and KPMG, Kristin has experience with technical accounting issues involving consolidations, mergers and acquisitions, leasing, revenue recognition issues, variable interest entities, contract manufacturing, supply agreements, technology licensing, and derivatives.
Kristin joined RSM’s executive team to lead the Technical Accounting Consulting practice. She has focused on services for large public …
Print and review course materials
Method of Presentation:
On-demand Webcast; Group-Internet Based
General knowledge in financial reporting and accounting
NASBA Field of Study:
Accounting – Technical
NY Category of CLE Credit:
Areas of Professional Practice
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As a global leader in Store Lifecycle Management and Integrated Workplace Management System software, Tango unites analytics, real estate, lease accounting, facilities and space management into a single platform. The company has worked with more than 1,000 leading brands in 130 countries, and brings that knowledge and those best practices to its cloud-based SaaS and mobile solution.
With offices in 157 countries and more than 276,000 people, we are among the leading professional services networks in the world. We help organizations and individuals create the value they’re looking for, by delivering quality in assurance, tax and advisory services.
About RSM US LLP
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RSM US LLP is the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 41,000 people in 116 countries. For more information, visit rsmus.com, like us on Facebook, follow us on Twitter and/or connect with us on LinkedIn.