Impacts of Lease Accounting Changes on Your School
Tuesday, October 18, 2016
The Financial Accounting Standards Board (FASB) has issued an Accounting Standards Update (ASU) on lease accounting. This ASU affects all companies that lease assets and can significantly change the way educational entities account for leasing arrangements. The new guidance is intended to increase transparency in lease accounting by requiring organizations to report any long-term lease liability on the balance sheet.
Watch a replay of the webinar to learn the importance of the new two-lease model, financial reporting changes, impacts on covenants, and the timing and implementation of the new updates. In addition, hear how schools are using leasing to fund growth.
- Kelly Thompson, CPA, Principal, The Bonadio Group
- Chad Wiedenhofer, Senior Vice President, First American Education Finance
What You Will Learn:
- What the new standard is, why was it issued, and the new two-lease model
- Changes to financial reporting and the impact on financial statements
- Timing of implementation, effective dates and transition considerations
- Other considerations with bank covenants, systems and processes
- The importance of leasing and how schools are using leasing to fund growth
- Program Level: Intermediate
- Prerequisites: At least 2 years of experience in accounting for higher education entitites
- Advanced Preparation: N/A
- Instructional Delivery Method: Group-Internet-Based
We understand that there are many questions around these new changes and the impact they may have on a schools strategic use of lease financing. Feel free to contact us with any additional questions or to schedule a time to go through the changes in more detail.
Refund/ Cancelation Policy: If a program must be canceled, Bonadio and/or First American will notify all registered participants as soon as cancellation is known by emailing the address registered. Bonadio will also put a notice of cancellation on its website for courses offered to outside participants. As this is a free program, there is no refund policy applicable.
Complaint Policy: For each program, Bonadio & Co., LLP will provide the contact information for the presenters and reviewers and communicate that all questions, concerns, or complaints be directed here. Bonadio & Co., LLP will reply to all such communications in a timely fashion. For more information regarding administrative policies such as complaint and refund, please contact our Professional Excellence Division at (585) 249-2762.
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