Refining lease accounting – Common policy changes after ASC 842 adoption
With the adoption of ASC 842 comes the opportunity to elect several practical expedients. The new leases standard provides lessees with a practical expedient, by class of underlying asset, to not separate lease and non-lease components. Many companies have made elections only to later discover they were not the best choices.
Hear what ASC 842-compliant companies say they now wish they would have known before making elections, hear how their choices affected them, and what they had to do to change their elections.
In "Refining Lease Accounting – Common Changes after ASC 842 Adoption," attendees will learn about:
- The pros and cons of separating lease components from non-lease components
- Software considerations regarding accounting for lease and non-lease components
- The actions needed to reverse a policy election.
- Other events that take place after ASC 842 adoption and their effect on lease classification
- The time to change lease accounting variables like lease term, payments, and discount rate.
Matt WatersMatt Waters is the Director of Lease Accounting with CoStar and was formerly Lease Accounting Manager with Home Depot and American Tower (100,000+ leases!). He is CoStar’s subject matter expert with more than 15 years of management experience in accounting and finance. His expertise includes process improvements and software evaluation for the new lease accounting guidance issued in early 2016 by the FASB and the IASB.
Ashok ParmarAshok has over 13 years of experience in public accounting. He focuses on leading firms accounting and reporting advisory services in Los Angeles. He has led new standards impementation (including lease accounting standard) advisory engagements for over 30 companies. He is also part of firms experts group on the FASB's and IASB's lease accounting requirements (i.e., ASC Topic 842 and IFRS 16).
Danielle LeeDanielle Lee, managing editor of Accounting Today, previously served as technology editor of Accounting Today and editor-in-chief of AccountingTechnology.com. Prior to that, she held the role of senior editor. Before joining SourceMedia, Danielle covered the emerging corporate responsibility movement for CRO (Corporate Responsibility Officer, now CR) magazine as executive editor and worked for a range of entertainment and lifestyle publications in Los Angeles, including industry trade magazine TelevisionWeek. She holds a bachelor's degree in print journalism and a minor in cinema/television from the University of Southern California.