Leasing Standard: Where do you go from here?

Description

The provisions of the Accounting Standards Update 2016-02, Leases, in February of 2016 and the subsequent amendments from the Financial Accounting Standards Board are coming into effect soon. The effective date for nonpublic entities is calendar year 2022. These standards provide significant changes for lease accounting that can be complicated when determining lease terms, lease payments, and discount rates. It’s important to understand the potential impact of lease accounting on your organization’s financial reporting and tax strategies. During this webinar, we will explore a practical approach to implementation, identifying the information to gather and how to go about making decisions and developing assumptions. Learning Objectives: Discuss Accounting Standards update 2016-02 and subsequent amendments Outline key implementation strategies and tax considerations Identify next steps for your organization Presenters: Scot Phillips, CPA, Partner-in-Charge of Audit & Assurance | Eide Bailly Scot joined the firm in 2002 and is a highly experienced public accountant serving privately held companies, employee benefit plans, governmental entities and nonprofit organizations. His work includes audits, reviews and compilations of financial statements, interpretations of financial information and assistance with acquisitions. Scot is a recognized leader in his field, as well as in his community, participating in many local business and professional associations. Andrea Mouw, JD, CPA, Partner-in-Charge of Accounting Methods and Periods | Eide Bailly Andrea has more than 13 years of experience providing tax consulting and advisory services to a wide range of clients. Her primary area of focus is accounting methods including income and expense recognition, inventory, capitalization and cost recovery. She also assists clients in filing accounting method change requests (Form 3115) and advises on a number of issues related to the Tax Cuts and Jobs Act, including section 163(j), section 168(k) and small taxpayer accounting method opportunities, as well as issues related to virtual currency and debt instruments and modifications. Shelley L. Earsley, CPA, PMP, Partner | Eide Bailly Shelley provides leadership for organizations working through their digital transformations, business and technology initiatives, strategic planning, organizational design assessments and implementation projects. She leads a group of talented professionals focused on providing solutions to business challenges. CPE Information CPE Credit: 1 Field of Study: Accounting Level of Knowledge: Update Delivery Method: Group-Internet Based Additional Information: This is a Group-Internet Based Webinar. No prerequisites or advanced preparation required. For information regarding refund, complaint and program cancellation policies, please contact Amy DeGeorge.