With the new lease accounting standards now in effect, what are the lessons learned in this initial implementation?
The provisions of ASC 842, Leases, went into effect for nonpublic entities in calendar year 2022. These standards provided significant changes for lease accounting that could complicate determination of lease terms, lease payments, and discount rates as well as the identification and computation of book-tax adjustments. Join us as we explore the lessons learned from initial implementation, review key information, and identify next steps.
- Explore lessons learned from initial implementation.
- Summarize tax considerations.
- Identify next steps for your organization.
Scot Phillips, CPA, Partner/Audit & Assurance Practice Leader | Eide Bailly
Scot joined the firm in 2002 and is a highly experienced public accountant, serving privately held companies, employee benefit plans, and nonprofit organizations. His work includes audits, reviews and compilations of financial statements, interpretations of financial information and assistance with technical accounting matters. Scot is a recognized leader in his field, as well as in his community, participating in many local business and professional associations. He is an accomplished speaker and trainer on government and for-profit accounting topics.
Andrea Mouw, J.D., Partner/Accounting Methods & Periods Practice Leader | Eide Bailly
Andrea has more than 13 years of experience providing tax consulting and advisory services to a wide range of clients. Her primary area of focus is accounting methods including income and expense recognition, inventory, capitalization, and cost recovery. She also assists clients in filing accounting method change requests (Form 3115) and advises on a number of issues related to the TCJA including section 163(j), section 168(k) and small taxpayer accounting method opportunities as well as issues related to virtual currency and debt instruments and modifications.
CPE Credit: 1
Field of Study: Accounting
Level of Knowledge: Basic
Delivery Method: Group-Internet Based
Additional Information: This is a Group-Internet Based Webinar. No prerequisites or advanced preparation required. For information regarding a complaint and/or program cancellation policies, please contact Amy DeGeorge.