How the New Lease Accounting Guidance Will Affect Contractor’s Financial Statements
Recorded On: 06/04/2019
After working on this this project for 8 years, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02 in February 2016 in response to criticism of the existing guidance for not providing financial statement users enough information about an entity’s leasing activities. The most significant change resulting from the ASU is that lessees will be required to put nearly all leases on the balance sheet by recognizing a right-of-use asset and a lease liability. The initial panic response that followed issuance of the ASU over 3 years ago has subsided, and most folks have since forgotten about the new standard entirely. Implementation is finally upon us though. Public business entities are required to adopt the lease standard for annual reporting periods beginning after December 15, 2018, with all other entities adopting the following year. This seminar will provide a high-level overview of how financial statements will be affected by the new guidance, including the effect on various performance metrics.
This evolving topic presents an exciting opportunity for you to host this NASBP Virtual Seminar for your construction clients or to share the information on how they too can register to participate in this live or recorded Virtual Seminar.
Principal, Albin, Randall & Bennett
David Jean is a principal at Albin, Randall & Bennett specializing primarily in financial accounting and consulting for construction, manufacturing and real estate development companies. He provides tax, accounting and management advisory services to contractors, manufacturers and developers throughout New England. Mr. Jean also serves as the Managing Partner of New England Funds Control, LLC (NEFC), a wholly-owned subsidiary of ARB. NEFC specializes in providing funds control services for sureties, contractors and banks.
Manager, Albin, Randall & Bennett
Gisèle Couturier, is a manager at Albin, Randall & Bennett focused on providing accounting and auditing services to construction and other commercial entities, not-for-profit organizations, and financial institutions. She holds a Bachelor’s degree from the University of Southern Maine and a Master’s degree from the Rochester Institute of Technology. Gisèle is a member of the American Institute of Certified Public Accountants and the Maine Society of Certified Public Accountants.
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