Bridging the GAAP: The New Lease Accounting Standards, Lease Drafting and Negotiations
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Gain a better understanding of the new lease accounting requirements and how to comply with them.In April 2016, after many years of deliberations, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued new rules that required companies to put all real estate and other leases on their balance sheets. These new GAAP and IFRS rules, which start going into effect in January 2019, have wreaked havoc in the industry. Because every company needs certified financial statements, and because time is running short, companies have adopted technology and assembled SWAT teams to get them into compliance This topic helps accounting, legal and corporate real estate professionals gain a better understanding of the new rules and how to comply with them. It will outline some of the more important nuances in the rules, and some industry best practices in identifying, organizing and tracking leases in order to report on them reliably and consistently. This information is critical for attorneys, accountants and general real estate practitioners who work with companies that need to report their financial statements on a GAAP or IFRS basis.
AuthorsMarc E. Betesh, Esq., MCR.h, KBA Lease Services
What's the Fuss About the FASB Lease Accounting Changes?
• Need to Increase Transparency Around Financial Statements
• All Leases Need to Be Put on the Balance Sheet
• Lease Financial Components Need to Be Identified and Separated
How Are Companies Handling the Changes?
• Locating and Organizing Leases
• Adopting New Technology
• Working With Advisors
How Should Lease Forms Change in Response?
• Clearly Identify Rent Components
• Standardizing Lease Forms