Preparing for Changes in Lease Accounting Standard
The Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”) issuing the new lease accounting standards will affect finance, real estate and information technology executives involved in compliance. The changes are expected to have a significant impact on companies’ balance sheet especially for companies that lease real estate. Knowing the latest developments will help you get ready for the requirements that will come along with the new rule.
Join the distinguished group of accounting and compliance practitioners as they walk us through the fundamentals of the proposed standards and their potential impact on your business. The panelists will address the following in a two-hour LIVE webcast brought to you by The Knowledge Group.
• New rules for leasing assessment including accounting rule modifications
• Impact of the new rules in the industry
• Best Practices implementing the new rules
• Advance preparation to comply with the new rules – What to look ahead for the future of lease structuring
• Up to the minute regulatory updates
Louis J. Battagliese Jr., Partner,
Jackson Cross Partners, LLC
- Assembling the data and building process for analysis and compliance
- Differences between technology solutions: ERP, IWMS and Lease Admin point solutions
- Strategic portfolio considerations related to Own vs. Lease
- Potential challenges with Ground Leases and Single Tenant Net Leases
Marc A. Maiona, Managing Member,
- Overview of the two new lease accounting models – similarities and differences.
- Evaluating competing leases on basis of full financial statement impact.
- How changes in lease structure can alter balance sheet and income statement presentation without changes to total rents.
- Understanding how subjective issues in new standards (i.e., “significant economic incentives”), affect the accounting.
- Transitioning to the new standards: best practices to support objective, auditable results
Scott Williams, CPA, Partner ,
Gilliam Coble & Moser LLP
Three examples, all lessee of real estate cases
- Case one – real estate lessee with terms and rates specified – illustrate Type A lease
- Case two – modification of case one – illustrate if Type B lease
- Case three – extension of case one – illustrate change in lease terms
Who Should Attend:
– Financial directors
– Investment Bankers
– Compliance Officers
Louis Battagliese is Managing Partner of Jackson Cross Partners (JCP), headquartered in King of Prussia, Pennsylvania. He is responsible for the Advisory Services group and the firm’s Industrial Brokerage Group. Over his 28 year real estate career, Lou has worked on numerous national and international projects valued at over $1.5 billion. He has coordinated projects in over 45 markets throughout North America and Europe.
Mr. Battagliese has a BS from Drexel University and is a licensed Real Estate Broker in Pennsylvania and New Jersey. He serves on the Board of the Tri-State Commercial Realtors Alliance and is a member of the Society of Industrial and Office Realtors, Urban Land Institute, CoreNet Global, the Council of Supply Chain Management Professionals and the International Council of Shopping Centers.
Louis Battagliese is Managing Partner of Jackson Cross Partners (JCP), headquartered in King of Prussia, Pennsylvania. He is responsible for …
Mr. Maiona is the Founder and Principal of LeaseCalcs, the widely anticipated answer to the problems associated with the new lease accounting standards. LeaseCalcs’ patent-pending Software-as-a-Service (“SaaS”) offering replaces many separate but duplicative steps in the worlds of corporate finance and accounting, corporate real estate and commercial real estate brokerage to enable the various participants in the commercial real estate industry to simplify lease accounting and analysis for every stakeholder in the process.
In addition to being the Founder of LeaseCalcs, Marc is also a Managing Member of CyberLease, LLC, the leading North American lease audit and lease accounting firm which he joined in 1994 after beginning his commercial real estate career at Cushman & Wakefield. At CyberLease Marc is responsible for managing the firm’s more complex assignments and leads the firm’s lease accounting practice to assist corporations in accurately transitioning their practices to align with the new lease accounting standards.
Mr. Maiona is an experienced industry speaker, conducting accredited educational seminars on the subjects of lease accounting and negotiating additional rent provisions in office leases and is frequently called upon as an expert witness. His many articles on the subject of commercial leasing and lease accounting issues have been published in leading industry publications. Marc holds a B.S. in Economics from the University of California, Irvine, and is a Board Member of the International Association of Attorneys and Executives in Corporate Real Estate (“AECRE”).
Mr. Maiona is the Founder and Principal of LeaseCalcs, the widely anticipated answer to the problems associated with the new …
A Gilliam Coble & Moser (GCM) Partner, Scott Williams specializes in auditing, financial reporting, profit and cash flow planning and analysis, and corporate and shareholder tax planning for closely held businesses and their owners. Scott’s client base ranges from manufacturing businesses to foreign-owned companies with operations in the United States. A volunteer in the community, Scott also works with non-profit clients. Scott’s clients regularly seek his advice, knowing he will listen closely to the issues, scrutinize the financial data and present creative, valuable ideas toward meeting their business plans.
Within the firm, Scott helps train and develop the talents of other professionals. Scott is also responsible for preserving quality standards for peer review compliance, and is an active participant in the leadership of the firm. Scott began his career at GCM in 1985.
A Gilliam Coble & Moser (GCM) Partner, Scott Williams specializes in auditing, financial reporting, profit and cash flow planning and …
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About Jackson Cross Partners, LLC
The JCP Advisory Services Group specializes in lease abstraction and portfolio administration for large and complex portfolios. The group has worked with a number domestic and global portfolios ranging in size from 100 to 18,000 properties. As a result of this experience, Mr. Battagliese and the team are recognized leaders in the field of data integration and validation for Integrated Workplace Management Systems (IWMS).
Most recently, JCP has been working with clients to advise, analyze and model the impacts of the proposed changes to lease accounting standards by the IASB and FASB. This tactical experience has uniquely positioned Jackson Cross Partners at the forefront on this important topic.
About LeaseCalcs, LLC
LeaseCalcs is the widely anticipated answer to the problems associated with the new lease accounting standards. LeaseCalcs’ patent-pending Software-as-a-Service (“SaaS”) offering replaces many separate but duplicative steps in the worlds of corporate finance and accounting, corporate real estate and commercial real estate brokerage in order to: Leverage the efforts of others to help tenants create and maintain their lease accounting more efficiently and economically; Allow commercial real estate brokers, advisors and auditors to correctly advise their clients of the financial impacts of any lease, and Allow users to easily transition to the new lease accounting standards while saving time and money.
About Gilliam Coble & Moser LLP
Since 1946, Gilliam Coble & Moser’s (GCM) mission has been to understand their clients’ particular circumstances and deliver exactly the expertise they need to reach their objectives. Audit and income tax services are GCM’s foundation. This firm specializes in privately owned manufacturing businesses and serve distinctive non-profit organizations. Their unique services include business valuations, fraud & investigative services and international taxation. GCM also has a Retirement Plan Services team that provides plan administration and consulting, including plan correction in the event of noncompliance.