Please register for this recorded ATA webinar.
Webinar Description:
In August, FASB proposed a one-year delay in lease accounting rules (ASC Topic 842) for privately-held companies. This comes three years after the rules were initially released: in 2016, FASB issued its long-awaited standard requiring lessees to recognize all leases with terms greater than 12 months on their balance sheet as lease liabilities with a corresponding right-of-use assest. This update will have significant implications across all industries as it's implemented, especially transportation and logistics. It's important to understand the new rules and how they differ from today's rules. We also will take a look at the financial statement effects the new rules could have.
Learning Objectives
Upon completion of this program, participants will be able to:
- Identify likely differences between the previous lease guidance and Accounting Standards Update 2016-02 in the transportation space
- Account for operating and financing leases
- Identify the new disclosures required for nonpublic companies
- Discuss the potential effects on their financial statements and specific impacts in the transportation space
About the presenters:
Timothy M. Hughes, CPA, Partner, Director, BKD CPAs & Advisors
Tim has more than 25 years of public and industry accounting experience serving manufacturing, wholesale, transportation and distribution companies throughout the U.S. Tim assists clients by providing audits and reviews of financial statements and well as with enhancing profitability, internal control, and operational and accounting matters. He has extensive experience with financial statement preparation and interpretation under multiple basis of accounting. Tim is a member of the American Institute of CPAs, Illinois CPA Society, Illinois Trucking Association, Association for Corporate Growth- Chicago and local chamber of commerce associations. He is a 1993 graduate of North Central College, Naperville, Illinois, with a B.A. degree in accounting and minor in information technology. He is also active with his children's school All Saints Catholic Academy and the school's athletic association.
Jessica R. Richter, CPA, CITP, CISA, Director, BKD CPAs & Advisors
Jessica has nearly 20 years of experience providing audit, tax and consulting services for telecommunications companies including local exchange carriers, wireless, internet, cable television and data center entities as well as for school districts, colleges and universities, state agencies, municipalities and other not-for-profit organizations. Jessica's specialties include financial reporting and auditing, financial projections and forecasts, due diligence, cost allocations, revenue assurance, cost separation accounting, loan applications, Single Audit (Uniform Guidance), bookkeeper training, business consulting and employee training. She is a member of the American Institute of CPAs, Iowa Society of Certified Public Accountants, the Accounting & Financial Women's Alliance and the ISACA. Jessica is a licensed CPA in Iowa. Jessica obtained her CPA certificate in 2000 and her Certified Information Technology Professional (CITP) accreditation in 2008. In 2015, she obtained her Certified Information Systems Auditor (CISA) certification. She is a 2000 graduate of University of Northern Iowa, Cedar Falls, with a B.A. degree in accounting.
National Accounting and Finance Council (NAFC) members are eligible for an hour of CPE credit for attending this webinar. For details on the CPE and membership, contact Jenny Wieroniey at jwieroniey@trucking.org.
This is a "Group Internet Based" offering and no prerequisites are required. NAFC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State Boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Ave North #700, Nashville, TN 37219.
**NOTICE: ATA webinars are strictly educational for our members, and are not press events. The information contained in this webinar is not intended for, nor should it be used in, the production, editing or creation of news or analysis pieces. Participants are also forbidden from using them as background for published materials, white papers or other communications. Therefore, the contents of this webinar are strictly embargoed and off the record.