The New Lease Accounting Standard – Are you prepared?
For Public companies the effective date of ASU 2016-02, Leases (Topic 842) is Fiscal Years after 12/15/2018. You have time, right? Not necessarily, if you: (i) plan to issue comparative statements; (ii) have many real estate and equipment leases/contracts; and (iii) have a decentralized system for tracking these contracts. This program will review the evolution, impacts and the steps companies should consider to be prepared for The New Lease Accounting Standard.
Know Your Lease Audit Rights
The Landlords annual CAM reconciliation is received and expenses have increased dramatically. What can you do to protect yourself from over paying your fair share? Audit the rent statements. Understanding the terms of the lease you have signed is critical in determining if the landlord has inadvertently over charged for your premises. This program will review what makes a good audit candidate and how to determine your rights to examine and challenge the charges and recover any over payments.
DESIGNED FOR
Accountants in public practice and industry whose companies/clients lease property.
BENEFITS
- Understand if you have a Lease in your contract/agreement
- Become aware of potential accounting and tax implications
- Identify next steps to prepare for the implementation
- Calculation of your true lease costs
- Understanding your right to audit your lease invoices
- Recovering overpayments
- Comfort in knowing you are paying for what you agreed to pay
- Earn 2 CPE credits in Accounting and Auditing
HIGHLIGHTS
The New Lease Accounting Standard – Are you prepared?
• History and background of the accounting for Leases
• Financial Statement implications
• Potential Tax implications
• Implementation guidance – internal and external stakeholders, IT, timing
Know Your Lease Audit Rights
• Determining different leases and best candidates for audit
• Fiscal vs Calendar years can matter
• Who should pay for capital improvements to the building
COURSE LEVEL
Basic
ADDITIONAL NOTES
$10 late fee after 5/16. Season Pass holders must register for each event.
For handouts, please visit your My Events page. Handouts are added as received - remember to check back for updates.