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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.

The new lease accounting standards affect all companies and organizations - public and private, large, and small. ASC 842, GASB 87 and IFRS 16 require leases to be represented on the balance sheet. Any financial changes or adjustments must also be captured and identified. These new lease accounting standards have created a significant undertaking for organizations. Now, they must properly manage their portfolio to be able to identify and collect all their real estate and equipment leases. They need to extract detailed, accurate and reliable data so they can calculate the 'right of use' assets and related lease liabilities. Because of the complexity of the calculations, this is no easy task. This topic will help you gain a better understanding of the new lease accounting requirements and how to comply with them.

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.

106 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 35 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 Lease Accounting Changes?

  • The Importance of Leases
  • A Look at the New Lease Accounting Standards
  • How Lease Accounting Impacts Leases

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
  • Standardized Lease Forms
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Why Lorman?

Over 35 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

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

OnDemand Course

This course was last revised on August 30, 2021.

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

  • AIPB 2.0
     
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • CPE/NASBA - QAS Self Study 2.5 including Specialized Knowledge 2.5
     
  • 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: 2.5 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 2.5 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 35 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, the leading lease auditing firm, and Visual Lease, the #1 lease optimization software provider
  • Practiced law in New York City where he negotiated commercial leases; as an attorney, Betesh became widely recognized as an expert on commercial lease negotiation, lease interpretation, and expense reimbursement clauses; during this time, he conceived the idea of lease auditing and introduced it to the commercial real estate industry, which led him to create his two companies
  • Instrumental in shaping the foundation of lease accounting standards in the industry, which are still in practice today, making him a thought leader on the standards (GASB 87, ASC 842, and IFRS 16)
  • Regarded as top-rated faculty at CoreNet Global Learning and often lectures 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, Lorman Education Services, and the Institute of Internal Auditors
  • Active member of the New York and New Jersey Bars
  • 2018 and 2019 Finalist for The EY Entrepreneur of the Year New Jersey Awards
  • KBA was the pioneer of commercial lease auditing in 1985 and remains the signature firm in the industry; it has represented thousands of companies in almost every leasing market within the U.S., helping them to eliminate overcharges in their commercial leases; Visual Lease is the #1 lease optimization software provider that helps organizations become compliant with FASB, IFRS, and GASB lease accounting standards, while simultaneously improving the financial, legal, and operational performance of their leases; it incorporates numerous lessons learned through KBA’s work and is one of the top systems in its field, used by 800+ organizations to manage 500,000+ real estate, equipment, and other leased assets
  • In 2021, Visual Lease was named a Best Place to Work in New Jersey by NJBIZ and ranked in the top 20% of the Inc. 5000 list and included in The Deloitte Fast 500™ for the second consecutive year; the organization was also included on the list of The Top 100 Software Companies of 2021 by The SoftWare Report and honored with a Bronze Stevie® Award in the Fastest Growing Company of the Year category in The 19th Annual American Business Awards®
  • J.D. degree, Georgetown University; B.A. degree, Temple University
  • Can be contacted at [email protected] or www.visuallease.com
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Why Lorman?

Over 35 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: 409156
Published 2021
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