Emerging Issues on Leases: What You Need to Know
Overview:
The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued a joint proposal that could significantly alter how companies account for leases. The FASB and IASB (the Boards) have started their re-deliberations in March 2014 following the publication of the revised Leases Exposure Draft in March 2013 and has targeted 2015 to issue the final standard. As evidenced by 600+ comment letters received by the Boards, the proposed changes will no doubt represent financial reporting, regulatory and in some jurisdictions, tax reporting challenges to adopters. Other significant challenges such as data capture, system updates or procurement, lease vs. buy decision, contract management and human resources are also expected.
In this 2-hour live webcast, a panel of key thought leaders organized by The Knowledge Group will provide an overview to help you understand the accounting of the proposed changes, status of the re-deliberations and the potential effects of the changes on companies’ businesses.
Agenda:
Jessica Taurae, Partner, Global Accounting Consulting Services
PwC
- Overview
- High Level Description
- Project Status (including only one type of lease and no real change for lessors and high level differences to US GAAP)
- Lease Definition
- Short-term Lease and small asset exemptions
- Lease Term
- Contingent: Lease Payments – Variable / In-Substance Fixed Payments
Charlotte Lo, Director, Financial Sector Assurance Services
KPMG LLP
- Business Implications
- Updated Transaction / Contract Structures
- Buy v. Lease Decisions
- Financial Statement Impact
- Debt Covenant
- Regulatory Capital
Who Should Attend:
- CFOs
- CEOs
- CPAs
- FASB/IASB Professionals
- Lease Consultants
- Controllers
- Financial directors
- Investment Bankers
- Lawyers
- Compliance Officers
- Other related/interested professionals
Jessica is partner in PwC’s Global Accounting Consulting Services (GACS), which leads the firm’s interpretations of International Financial Reporting Standards …
Charlotte has more than 15 years of experience in audit and IFRS and UK GAAP financial reporting and accounting of …
Course Level:
Intermediate
Advance Preparation:
Print and review course materials
Method of Presentation:
On-demand Webcast (CLE)
Prerequisite:
NONE
Course Code:
134550
NASBA Field of Study:
Accounting
NY Category of CLE credit:
Skills
Total Credits:
2.0 CLE
2.0 CPE (Not eligible for QAS (On-demand) CPE credits)
Login Instructions:
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SPEAKERS' FIRMS:
PwC
About PwC
About KPMG LLP
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 11,000 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 155 countries and have more than 155,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
Website: https://www.kpmg.com