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Deloitte, Bloomberg Tax to Host Conference on Impact of FASB’s New Lease Accounting Standard

May 15, 2018, 07:00 AM
Filed Under: Industry News

Deloitte and Bloomberg Tax will host Lease Accounting Standard: A Way Forward, a one-day conference to help companies navigate the new lease accounting standard, one of the most transformative pieces of authoritative accounting guidance in the FASB era.

Registration for this complimentary event, which takes place from 8 a.m. to 5 p.m. on Thursday, May 17 at Washington, D.C.'s Newseum, is available here.

The new standard, codified as ASC 842, brings the majority of operating leased assets onto company balance sheets for the first time, significantly impacting companies with substantial equipment or real estate leasing operations. With accounting and finance professionals preparing to meet rapidly approaching compliance deadlines, this event brings together practitioners who will offer guidance on applying the standard in real-world situations, educating executives and engaging internal stakeholders.

"We have put together an incredibly valuable event on a topic that is top of mind for many accounting professionals," said George Farah, Editorial Director, Bloomberg Tax. "I have no doubt that attendees will learn a great deal from the highly qualified panelists we have assembled and will be able to better implement the new standard."

"Many companies appear to have been underestimating the effort that will be necessary to collect lease data and aggregate it into a centralized system. In fact, less than 20 percent – one-fifth – of companies we polled recently stated that they are very prepared for the upcoming lease accounting standard," said Jeanne McGovern, audit and assurance services partner with Deloitte & Touche LLP and leader for Deloitte's lease accounting services. "At this forum, attendees will gain insights on how to apply the leasing standard in real-world situations, understand what c-suite executives likely need to know, and hear strategies to engage internal stakeholders."

The conference will feature a keynote conversation with Larry Smith, former FASB chairman, and Kevin Vaughn, SEC senior associate chief accountant, who will provide a brief technical explanation of the new lease standard and discuss any outstanding issues posed by practitioners.  Featured speakers include:

  • Alan Berkley, senior finance specialist, Aptitude Software
  • John Bober, chairman, Financial Accounting Committee, Equipment Leasing and Finance Association    
  • Andrew Fiorenza, director of accounting policies, Comcast Corporation
  • Tim Hutchens, EVP, Federal Lessor Advisory Board, CBRE
  • Michael Keeler, CEO, Lease Accelerator
  • Alice Jolla, GM of Corporate Accounting, Microsoft
  • Robert Owens, vice president and assistant controller, financial reporting & technical accounting, Bristol Myers Squibb
  • David Samuels, CFO, DrFirst, Inc.
  • Joe Sebik, director of tax reporting, Siemens Corporation.

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