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Bridging The GAAP: The New Lease Accounting Standards, Lease Drafting And Negotiations

Webinar: ID# 1022841
Recorded CD
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About This Course:
The new lease accounting standards from the FASB & IASB will have far reaching financial and organizational implications for companies of all sizes, and will also greatly impact the advice and counsel their advisors and attorneys provide.

These new lease accounting standards require all parties to a lease, and their advisors, to understand how concepts such as how a renewal option can result in a 10 year lease being accounted for as though it were a 20 year lease, with a near doubling of the impact on the company's balance sheet and other financial results.

Importantly, the impacts are not just financial in nature, and the non-financial and organizational impacts are widely expected to affect the following: governance, risk and compliance, internal controls, accounting policies, SEC reporting and M&A activity.

Many of these areas are most affected by the subjective nature of many aspects of the new rules and the transition from old accounting standards, policies and procedures to the new standards. Understanding these issues will be critical for purposes of helping companies successfully navigate the accounting, reporting and regulatory waters ahead.

Agenda

Overview of New Accounting Rules: Cross-Cutting Legal Implications
  • Timeline of Project and Results
  • Pervasive Impacts Across the Company
  • Types of Leases - IASB and FASB Differences
Cutting Through the Fog: Drafting and Negotiating Tips
  • Key Differences Between Existing and New Rules
  • Examples of Financial Statement Impact and Differences
Dealing With Subjective Issues: SOX, SEC, GRC and Drafting Considerations
  • Type A vs. Type B Leases
  • Disguised Minimum Rent
  • Renewals and Significant Economic Incentives (SEI)
  • Examples of the Impact of SEIs on Financial Statements
The Mechanics of the New Rules: Transaction Structure and Financial Results
  • Minimizing Balance Sheet/Shareholder Equity Impacts
  • Maximizing EBITDA Results
  • The New World of Sale-Leasebacks
Errors With Existing Lease Accounting Rules: Restatements and SEC Actions
Moving Toward Implementation: Practical Steps to Take Now
About The Presenter

Marc A. Maiona
  • Founder and president of LeaseCalcs, Inc., establishing the firm in 2011 as the first SaaS solution to address and solve the problems resulting from the new lease accounting standards from the FASB and IASB
  • Represented large, sophisticated tenants across a broad spectrum of industries, including firms like Fidelity Investments, State Street Bank, General Dynamics, Chevron, ExxonMobil, Boston Consulting Group, Andrews & Kurth, Cooley and scores of others in order to assist them with the auditing and accounting related to their real estate leases
  • Many articles on the subject of commercial leasing and lease accounting issues have been published in leading industry publications such as Corporate Real Estate Journal
  • Regularly serves as a faculty member for CLE and CPE accredited seminars on the subjects of lease accounting and additional rent provisions in office leases, including the “Negotiating Commercial Leases” program for Practising Law Institute, and similar programs for Lorman and other providers of continuing education, and is frequently called upon as an expert witness in commercial leasing disputes
  • Bachelor’s degree in economics, University of California, Irvine
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Bridging The GAAP: The New Lease Accounting Standards, Lease Drafting And Negotiations
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