The New FASB Lease Accounting Standard: Managing Compliance Challenges
The new Financial Accounting Standards Board (FASB) ASC 842 lease accounting standard, which took effect on January 1, 2019, involves additional accounting requirements that companies need to prepare to remain compliant with federal regulations. Along with this recent regulatory development is the emergence of new challenges which further complicate FASB lease accounting compliance.
Aside from securing up-to-date knowledge of the most pressing FASB ASC 842 issues, organizations should also implement a long-term, comprehensive lease accounting and administration solution to efficiently address current and emerging compliance challenges.
The Knowledge Group has assembled a panel of key thought leaders who will provide an in-depth analysis of the significant implications of this new FASB standard. The speakers will also provide the best practices and practical tips to help companies manage compliance, thus, improving lease management in a cost- and time-effective way.
Some of the major topics that will be covered in this course are:
- FASB ASC 842: The Sweeping Changes
- Current and Emerging Compliance Challenges
- The Essentials of a Robust Compliance Program
- What to Look for When Selecting a Lease Accounting and Administration Solution
- Best Practices and Practical Tips
Bristol-Myers Squibb Company
Deloitte & Touche LLP
- ASC 842 – What Does It Say?
- Challenges/Suggestions in Lease Portfolio Scoping
- Challenges/Suggestions on Selecting a Platform, Implementation, Basic Data Population and Data Maintenance
- Challenges Applying the Standards to your Portfolio
- Challenges of Day 2 Accounting
Who Should Attend:
- Financial Reporting Professionals
- Accounting Professionals
- Finance Executives
Joining Visual Lease in 2013, Alexandra is Visual Lease’s Vice President of Client Services. Over time, she has been mastering the lease management and accounting needs through her roles in Support, Account Management, Abstracting Management, Implementation and Training. As a leader, she has been heavily influenced by her prior experience on the other side of the table with the Procurement team at News Corporation, her analysis and client interaction skills from her Analytics experience at Bloomberg, and her idea creation and project execution skills from her TV producing endeavors. Alex has a B.A. in Finance and Management from New York University’s Stern School of Business with a minor in Producing.
As VP of Client Services, Alexandra’s mission is to make sure all Visual Lease clients are happy with the platform and services they receive. Her team breaks into two groups: Professional Services and Customer Success. The Professional Services team addresses the technical and functional needs of the client from the moment they engage with Visual Lease’s platform, through implementation, training, abstracting and other services. Customer Success focuses on the overall success of clients and their adoption of Visual Lease within their businesses. The Customer Success team provides proactive and reactive solutions and tools through Support, Success Management and Platform Education. Client Services partners closely with the Product, Engineering, Alliances, Account Management and Sales teams to ensure clients’ voices are heard throughout the organization.
Joining Visual Lease in 2013, Alexandra is Visual Lease’s Vice President of Client Services. Over time, she has been mastering …
Since joining BMS in July 2013, Tim has held the role of Director, Corporate Technical Accounting, and leads the global Technical Accounting Network (“TAN”) within the organization. In his role, he supports the Corporate Financial Reporting (“CFR”) group on technical accounting matters, oversees and advises on financial accounting policies, leads BMS’ adoption and implementation efforts for significant accounting changes, helps drive accounting process improvements and efficiencies and provides the technical accounting expertise on all Business Development transactions. He also manages BMS’ Accounting Development Program (“ADP), is a member of the AICPA Business Combinations Task Force, and is an active participant in the Pharma / Biotech Accounting & Reporting Group. In late February 2019, Tim took on the additional role and responsibility of overseeing BMS’ SEC Reporting.
Prior to joining BMS, Tim worked for KPMG LLP (“KPMG”) in the New Jersey audit practice from October 2002 to June 2013, serving clients primarily in the life-sciences and chemicals sectors. While at KPMG, he served as a Performance Management Leader (“PML”) for six years and contributed to various on-campus recruiting efforts for the firm. He is a 2002 graduate of Messiah College with a B.S. in Accounting.
Since joining BMS in July 2013, Tim has held the role of Director, Corporate Technical Accounting, and leads the global …
Tim is a Managing Director in Deloitte’s Audit and Assurance Accounting & Reporting Advisory (ARA) practice where he co-leads the firm’s Accounting Standards Implementation Services service offering. Tim has close to 20 years of experience in the accounting profession (more than 14 of those years at Deloitte) and is one of the firm’s leading experts on the FASB’s and IASB’s lease accounting requirements (i.e., ASC Topic 842 and IFRS 16). In his role, Tim engages in discussions with professionals at the other Large Firms on interpreting the new guidance and interacts with various industry groups and Fortune 100 companies on how to apply and implement the lease accounting requirements. In addition, Tim assists with the development of Deloitte’s interpretive guidance on applying the lease accounting model and is one of the key authors of the Deloitte publication, A Roadmap to Applying the New Leasing Standard.
Tim is a Managing Director in Deloitte’s Audit and Assurance Accounting & Reporting Advisory (ARA) practice where he co-leads the …
Print and review course materials
Method of Presentation:
On-demand Webcast; Group-Internet Based
General knowledge in financial reporting and accounting
NY Category of CLE Credit:
Areas of Professional Practice
NASBA Field of Study:
Accounting - Technical
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About Visual Lease
Visual Lease is a NJ-based software company that simplifies lease portfolio management‚ providing a robust and intuitive SaaS platform that takes the complexity out of managing a company’s lease portfolio, from real estate to equipment and other assets. The Visual Lease platform streamlines the process of gathering, interpreting and reporting on lease data, to make lease administration and accounting more efficient, consistent and precise. The platform also adapts to customer needs and integrates with existing ERP solutions, financial systems and third-party applications, for maximum flexibility and ease of use. To learn more, visit www.visuallease.com or call (888) 876-6500.
About Bristol-Myers Squibb Company
Bristol-Myers Squibb Company is a global specialty biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. Our strategy is to combine the resources, scale and capability of a pharmaceutical company with the speed and focus on innovation of the biotech industry. Our focus as a specialty biopharmaceutical company is on discovering, developing and delivering transformational medicines for patients facing serious diseases. Our four strategic priorities are to drive business performance, continue to further build a leading franchise in IO, maintain a diversified portfolio both within and outside of IO, and continue our disciplined approach to capital allocation, including establishing partnerships, collaborations and in-licensing or acquiring investigational compounds as an essential component of successfully delivering transformational medicines to patients.
About Deloitte & Touche LLP
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited ("DTTL"), its global network of member firms and their related entities. DTTL (also referred to as "Deloitte Global") and each of its member firms are legally separate and independent entities. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more. Deloitte & Touche is an affiliate of DCB Holding Ltd., a member firm of Deloitte Touche Tohmatsu Limited.
Deloitte is a leading global provider of audit and assurance, consulting, financial advisory, risk advisory, tax and related services. Our network of member firms in more than 150 countries and territories serves four out of five Fortune Global 500® companies. Learn how Deloitte’s approximately 286,000 people make an impact that matters at www.deloitte.com.