HomeWebcastHow to Adopt the New FASB Lease Accounting Standard: A Comprehensive Compliance Guide
Adopt the New FASB Lease Accounting Standard CPE CLE

How to Adopt the New FASB Lease Accounting Standard: A Comprehensive Compliance Guide

Live Webcast Date: Friday, November 08, 2019 from 12:00 pm to 2:00 pm (ET)
Accounting (CPE)Recording

Adopt the New FASB Lease Accounting Standard CPE

Join us for this Knowledge Group Adopt the New FASB Lease Accounting Standard CPE Webinar. 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

Agenda

SEGMENT 1:
Pranav TyagiFounder, President & Chief Executive Officer
Tango

AND

Rick ZelinskyVice President, Product Strategy
Tango

  1. Steering Committee – establish a steering committee and allow that cross-functional team to make key decisions along the way
  2. Lease Inventory - don’t underestimate the process of determining your portfolio of leases, inclusive of imbedded leases
  3. 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.
  4. 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
  5. Collaboration – successful compliance will involve collaboration between lease administration, lease accounting, financial reporting, procurement, treasury and others to align

SEGMENT 2:
Katherine HuhDirector, Lead for Occupier Services
PwC

  1. While you are uploading data - think broadly around what data points beyond accounting you'd like to capture and use
  2. Understand the industry. Participate in industry roundtables to share lessons learned and best practices
  3. What business benefits can come from implementing 842
  4. Selecting a system

SEGMENT 3:
Kristin McLaughlin, CPAPartner, Technical Accounting Consulting
RSM US LLP

  1. Set up a PMO
  2. Validate lease population
  3. Begin abstraction early
  4. Wise choices in practical expedients and policy elections
  5. 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

Adopt the New FASB Lease Accounting Standard CPE

SEGMENT 1:
Pranav TyagiFounder, President & Chief Executive Officer
Tango

AND

Rick ZelinskyVice President, Product Strategy
Tango

  1. Steering Committee – establish a steering committee and allow that cross-functional team to make key decisions along the way
  2. Lease Inventory - don’t underestimate the process of determining your portfolio of leases, inclusive of imbedded leases
  3. 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.
  4. 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
  5. Collaboration – successful compliance will involve collaboration between lease administration, lease accounting, financial reporting, procurement, treasury and others to align

SEGMENT 2:
Katherine HuhDirector, Lead for Occupier Services
PwC

  1. While you are uploading data - think broadly around what data points beyond accounting you'd like to capture and use
  2. Understand the industry. Participate in industry roundtables to share lessons learned and best practices
  3. What business benefits can come from implementing 842
  4. Selecting a system

SEGMENT 3:
Kristin McLaughlin, CPAPartner, Technical Accounting Consulting
RSM US LLP

  1. Set up a PMO
  2. Validate lease population
  3. Begin abstraction early
  4. Wise choices in practical expedients and policy elections
  5. Disclosure requirements are voluminous

Adopt the New FASB Lease Accounting Standard CPE

Adopt the New FASB Lease Accounting Standard CPE

Pranav TyagiFounder, President & Chief Executive OfficerTango

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.

Adopt the New FASB Lease Accounting Standard CPE

Rick ZelinskyVice President, Product StrategyTango

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.

Adopt the New FASB Lease Accounting Standard CPE

Katherine HuhDirector, Lead for Occupier ServicesPwC

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.

Adopt the New FASB Lease Accounting Standard CPE

Kristin McLaughlin, CPAPartner, Technical Accounting ConsultingRSM US LLP

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.


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Adopt the New FASB Lease Accounting Standard CPE

Course Level:
   Intermediate

Advance Preparation:
   Print and review course materials

Method Of Presentation:
   On-demand Webcast; Group-Internet Based

Prerequisite:
   General knowledge in financial reporting and accounting

Course Code:
   148805

NASBA Field of Study:
   Accounting – Technical

NY Category of CLE Credit:
   Areas of Professional Practice

Total Credits:
    2 CLE 2 NASBA-CPE

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About the Knowledge Group

The Knowledge Group

The Knowledge Group has been a leading global provider of Continuing Education (CLE, CPE) for over 13 Years. We produce over 450 LIVE webcasts annually and have a catalog of over 4,000 on-demand courses.

About the Knowledge Group

The Knowledge Group

The Knowledge Group has been a leading global provider of Continuing Education (CLE, CPE) for over 13 Years. We produce over 450 LIVE webcasts annually and have a catalog of over 4,000 on-demand courses.

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. 

Website: https://www.pwc.com/

RSM’s purpose is to deliver the power of being understood to clients, colleagues and communities through world-class audit, tax and consulting services focused on middle market businesses. The clients they serve are the engine of global commerce and economic growth, and they are focused on developing leading professionals and services to meet their evolving needs in today’s ever-changing business environment.

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.

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.

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.

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.

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.

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