May 20 June 19 CFO Focus: Understanding the Impact of the New Lease Accounting Standards
The Financial Accounting Standards Board (FASB) has issued a new lease accounting standard, ASC 842, intended to improve financial reporting on leasing transactions. The new standard will have a significant effect on how operating leases are presented on the lessee’s balance sheet and the notes to the financial statements. Changes will go into effect for the fiscal years beginning after December 15, 2019 for private companies. While this may appear to present a cushion of time, if you want to present comparative financial statements for the year end in 2020, you will need to update the 2019 financial statement information as well. Early adoption of this standard is also permitted. With that said, both lessees and lessors need to evaluate and address how the significant changes will impact them now and moving forward.
On Wednesday, June 19, Jason Borofsky and Adam Holzberg from Sax LLP will discuss the following:
- How financial statements changed for leases
- Impact on bank loan covenants and financial ratios
- Recommended software for calculations
- Implementation concerns and tentative effective date
Wednesday, June 19 | 8:00-10:30 AM
Sax LLP Headquarters
855 Valley Road, Fl. 3 | Clifton, NJ
Jason Borofsky, CPA, MBA is a Partner at Sax and primarily focused on the Real Estate industry. Jason has provided industry-specific accounting, auditing, tax and consulting services to property owners, developers, and investors for 13 years.
Adam Holzberg, CPA, MBA is a Manager at Sax and a member of the firm’s Real Estate Practice. Adam focuses on audit and accounting services for closely-held companies and specializes in increasing the overall operational efficiencies and internal controls for clients.
Two Accounting & Auditing CPE Credits are available and breakfast will be served.