Simply Tax® Episode 86: Three Things to Consider – Tackle the New Lease Standard
Much like the changes under the Tax Cuts and Jobs Act, the new lease standard is complex and likely will require significant hours to implement correctly. Join guests Chris Telli and Jessica Richter as they help educate host Damien Martin on the change and discuss what measures organizations should take to comply with the new standard. Here’s what’s covered:
- Governmental Accounting Standards Board (GASB) Statement No. 87, Leases, and Financial Accounting Standards Board (FASB) Accounting Standards Codification @01:35
- The big shift under the new standard @04:03
- Implementation example @07:20
- Awareness of the change @11:05
- Private companies are underestimating what it will take to implement @15:38
- So what does this mean for lessors? @18:33
- How it’s going so far and additional considerations @20:08
- The biggest challenge @24:42
BIO FOR GUESTS
Chris Telli is a regional industry leader for BKD National Not-for-Profit, Higher Education and Public Sector Group and is a member of the firm’s Not-for-Profit, Higher Education and Public Sector Committee. He has more than 20 years of experience in accounting and auditing, including three years as an internal auditor for a large not-for-profit organization. Chris assists public sector entities with audit, compliance and general business consulting and works with a variety of entities, including municipalities, state agencies, airports, school districts, higher education institutions and public authorities.
Jessica Richter 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 and school districts, colleges and universities, state agencies, municipalities and other not-for-profit organizations. Her focus includes 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.
- BKD Lease Accounting Resource Center
- More on BKD LeaseVision:
- "From Cloudy to Clear: Introducing BKD LeaseVision (GASB)" with Jessica Richter, Amy Shreck and Rick Wittgren (August 7, 2019)
- “From Cloudy to Clear: Introducing BKD LeaseVision (FASB)” with Jessica Richter, Amy Schreck and Chris Telli (August 19, 2019)
- Insights from Danny Martinez:
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