Leasing: A New Standard is Finally Here
McKonly & Asbury’s April webinar entitled, “Leasing: A New Standard is Finally Here,” took place on Thursday, April 25, 2019. The webinar was hosted by Dan Sturm, Partner; Brett Bauer, Senior Manager; and Tim Showers, Supervisor.
After nearly 10 years of working on a new leasing standard, the Financial Accounting Standards Board (FASB) issued ASU 2016-02 on February 25, 2016. Companies will now recognize most leases on their balance sheets as either financing leases or operating leases. The FASB estimates that more than $1 trillion will be added to the balance sheets of public companies traded in the United States as a result of this new standard. The new leasing standard is significant, and it is finally here!
This webinar explained how accounting for leases changed from the old standard to the new one. Presenters showed a set of financial statements that adopted the new standard, making sure to highlight exactly what changed. Lastly, participants gained an understanding of what they should be doing now in order to prepare for these changes.
During this webinar, attendees:
- Learned how ASC 842 differs from ASC 840.
- Saw illustrative financial statements which highlighted exactly what changes as a result of the new standard.
- Gained an understanding of what they should be doing now to prepare.
This free, one hour-long webinar took place on Thursday, April 25th at 2:00 p.m. EST. One “Accounting” CPE credit was available for this webinar. The level for this CPE was basic and there were no prerequisites for this CPE. This program was a live webinar which offered the opportunity to ask questions and interact with the presenters.
If you have any questions regarding the material covered in this webinar, please contact us.