Navigating the New Lease Accounting Standards for Audit Advisers

Preparing Clients for the Transition to the Joint Project Lease Reporting

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Tuesday, January 12, 2016

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Course Materials

This course will provide audit professionals with practical and concrete guidance on how the new Joint FASB/IASB Lease Accounting Standards will impact their role as auditors and advisors to companies affected by the new reporting requirements. The panel will offer details on what the new lease reporting standards will require and what types of industries and companies will be impacted by the new standards, and will discuss the risks of material misstatement related to lease recognition, measurement and presentation that may arise from the new standards. The webinar will present a case study to illustrate the impact of the new standards on audit professionals, and the panelists will provide practical tools for auditors to use when preparing clients for implementation of the new standards, including related party leases.

Description

The joint FASB/IASB new Lease Accounting Standards will bring significant complications to an area which already is one of the more complex aspects of financial accounting and auditing. The new standards will generate significant changes in the way financial accountants and auditors have to report and attest to leases. All entities, whether public, private or not-for-profit, will most likely be materially affected by the new standards, and audit advisers can play a critical role in preparing their clients for the new standards.

The new standards will require those entities to include on their balance sheets the monetary value of operating leases that haven’t been reported previously. While some industries and entities will be impacted more than others, audit and accounting professionals and business executives alike expect a rocky transition to the new standards.

The new lease accounting standards provide an opportunity for audit advisers to assist clients in preparing for the new standards. Companies need to evaluate potential exposure, as well as determine whether their accounting processes, internal controls and software systems need to be updated to implement the new standards.

Listen as our experienced panel provides practical guidance on what audit advisers and professionals need to know to prepare for the new lease accounting standards.

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Outline

  1. An overview of how the new joint project standards will affect lease accounting financial reporting
  2. Evaluating and responding to risks of material misstatement related to lease recognition, measurement and presentation
  3. Illustration through case study of the new standard
  4. Preparing your clients for the new standard

Benefits

The panel will discuss these and other critical issues:

  • How the new standards change the way in which leases are recognized, measured and reported on financial statements?
  • What companies and industries can expect to be affected by the new lease accounting standards?
  • How the new lease accounting standards affect audits of financial statements?
  • What role the audit adviser plays in helping clients to prepare for the new standard?

Faculty

Anderson, Derek
Derek Anderson
Chief Operating Officer
VisualLease

Mr. Anderson brings more than 20 years of experience leading corporate real estate technology companies through various...  |  Read More

Chris Rouse
Chris Rouse
Director
Windham Brannon

Mr. Rouse has more than 30 years of experience and serves on the AICPA Technical Issues Committee. He also is a...  |  Read More

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