FERF to Announce Results of New Lease Accounting Changes Survey Research
Financial Executives International (FEI), the association of choice for CFOs and other senior-level financial executives, and the FEI Dallas Chapter will present the New Lease Accounting Standards: What You Need to Know conference on June 16, 2016, at the Dallas Marriott Las Colinas in Irving, Texas.
The one-day event will provide financial executives the opportunity to get a head start on planning for the adoption of the new standard for both U.S. GAAP and IFRS preparers. From the technical accounting aspects of what’s changing, to the practical implications of how the new standard will affect systems requirements, business processes and procedures, as well as the impact the standard will have on future business decisions, participants will learn from other preparer experiences and hear directly from top industry and subject matter experts as they provide insights into preparing for adoption.
As a highlight at the event, Financial Executives Research Foundation (FERF), the independent, non-profit research affiliate of FEI, and research partner EY, will reveal the results of new research on the readiness state of companies for adoption of the new leases standard.
The more obvious impacts will be seen on the balance sheet, which will likely affect many critical financial ratios. In fact, some estimate the impact of the new lease accounting standards in the trillions of dollars when operating lease liabilities are added to corporate balance sheets. For many, the impact will be felt across organizations as accounting processes, policies and procedures will need updating, and IT systems will need to be evaluated and possibly upgraded to deal with the new normal for lease accounting.
The standards were announced in early 2016 and will take effect in 2019 for publicly traded companies. However, the standard requires comparative financial information that may require operational changes beginning in 2017.
Erik Bradbury, FEI’s Professional Accounting Fellow, advised, “Entities should strongly consider using 2016 to prepare for this significant accounting change.” Even for financial preparers preoccupied with other standard implementation efforts, delaying lease accounting changes until closer to the 2019 implementation date will likely prove to be detrimental.
“Financial executives have multiple new standards to implement, and we stand ready to help them identify best practices from industry leaders and by sharing experiences with their peers,” said Andrej Suskavcevic, President and CEO of FEI and FERF. “We are proud that our Dallas Chapter is working with us to create what is sure to be an engaging and productive event that will help financial executives achieve continued success.”
Sessions at the event will be led by senior leaders from Deloitte LLP, General Electric, Ernst & Young LLP, KPMG, Standard & Poor’s, PwC and others. Participants will also have time for networking and Q&A.
To register to attend FEI’s New Lease Accounting Standards: What You Need to Know Conference please visit:www.financialexecutives.org/leases.
About FEI
Financial Executives International (FEI) is the leading advocate for the views of corporate financial management. Its more than 10,000 members hold policy-making positions as chief financial officers, treasurers and controllers at companies from every major industry. FEI enhances member professional development through peer networking, career management services, conferences, research and publications. Members participate in the activities of 74 chapters in the U.S. and a chapter in Japan. FEI is located in Morristown, NJ, and Washington, D.C. Visitwww.financialexecutives.org for more information.
