Emerging Issues on Leases: What You Need to Know
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.
Jessica Taurae, Partner, Global Accounting Consulting Services
- 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
- Business Implications
- Updated Transaction / Contract Structures
- Buy v. Lease Decisions
- Financial Statement Impact
- Debt Covenant
- Regulatory Capital
Who Should Attend:
- FASB/IASB Professionals
- Lease Consultants
- Financial directors
- Investment Bankers
- 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 (IFRS). She has worked in accounting consulting services for more than 10 years providing advice to PwC engagement teams and clients around the world on all aspects of their accounting for financial instruments.
Prior to joining the Global Accounting Consulting Services group Jessica was in the Banking and Capital Markets audit practice in London where she was the lead manager on a major UK listed financial institution, responsible for UK consolidation, US reporting, and treasury operations. Jessica is originally from New York and was in the banking audit practice there before transferring to London in July 2000.
Jessica has worked extensively with financial institutions in Europe and elsewhere in connection with their first time adoption of IFRS and in reviewing their IFRS financial statements. She co-ordinates the firm's global guidance on accounting for financial instruments under IFRS (including leasing) with a focus on banking and corporate treasury related issues. She has authored numerous PwC publications on the accounting for financial instruments under IFRS. She has drafted the response letters to the IASB’s exposure drafts on financial instrument issues including classification and measurement and impairment of financial instruments. She works closely with IASB and IFRS IC staff on standard setting matters, reviews fatal flaw drafts of standards, and participates in outreach activities.
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 investment banking and leasing products.
Charlotte’s experience as lead audit manager on some of KPMG’s global financial sector banking and insurance clients includes Dresdner Bank, Fortis Bank and Old Mutual. Through her audit roles, Charlotte has developed a deep technical understanding of a variety of derivative products including credit, equity, and commodity based products through her external audit experience.
Charlotte has also carried out in-depth reviews of corporate and structured loan portfolios including credit risk and impairment assessments.
Charlotte was part of a multi-disciplinary team who advised HM Treasury on the design on the Asset Protection Scheme to cater for investment banking exposures as well as performing due diligence work on a target bank’s proposed loan and derivative asset exposures for inclusion in the scheme.
Charlotte is currently a Senior Manager co-leading the Banking Accounting Advisory practice within FSAS and has worked closely with both banks and corporates, providing IFRS structured transaction accounting advice.
Charlotte regularly provides training on technical and/or emerging issues under IFRS to external clients.
Charlotte has more than 15 years of experience in audit and IFRS and UK GAAP financial reporting and accounting of …
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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.