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Bridging the GAAP: The New Lease Accounting Standards, Lease Drafting and Negotiations

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.

Learning Objectives

  • You will be able to identify the history, requirements and needs for the new lease standards.
  • You will be able to differentiate the characteristics between the different lease types.
  • You will be able to differentiate between lease standards in US GAAP and IFRS.
  • You will be able to recognize the steps necessary to be in compliance with the new lease standards.

97 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

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
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on April 18, 2019.

Call 1-866-352-9540 for further credit information.

  • CPE/NASBA - QAS Self Study 2.6 including Specialized Knowledge 2.6
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.6 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Specialized Knowledge for 2.6 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Marc E. Betesh, Esq., MCR.h

Marc E. Betesh, Esq., MCR.h

Visual Lease

  • Founder and CEO of KBA Lease Services, a consulting company that pioneered and leads the field of auditing real estate leases for commercial tenants
  • Founder and CEO of Visual Lease, the #1 lease optimization software provider for managing, analyzing, streamlining, and reporting on lease portfolios
  • Instrumental in shaping the foundation of lease accounting standards in the industry, and also serves as a thought leader on GASB 87, ASC 842 and IFRS 16
  • Regarded as “top-rated faculty” at CoreNet Global Learning, often lecturing on lease topics at New York University’s Real Estate Institute, American Bar Association, Association of the Bar of the City of New York, Practicing Law Institute, ICSC, the Institute of Internal Auditors and other venues
  • Active member of the New York and New Jersey Bars
  • J.D. degree, Georgetown University Law Center; B.A. degree, Temple University
  • Can be contacted at [email protected] or www.visuallease.com
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 406136
Published 2019
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