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"Mid-Atlantic Education: FASB Follow-up Luncheon," CoreNet

July 2011

FASB Panel Presentation Recap
Changes in FASB Lease Accounting – How will you be affected?

On Tuesday, July 12th, members of the Mid-Atlantic chapter enjoyed a panel presentation on the new accounting rules proposed by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) as well as helpful steps on how to prepare for the changes. The educational event was hosted on the campus of Georgetown University and featured a diverse group of panelists from the private, regulatory and government sectors. Kevin Graves, Vice President & Director, Corporate Real Estate, SRA International, moderated the program, which served as a follow-up to last year’s FASB presentation.

The program began with an overview of the current system presented by Barbara Schmitt, Director, Goulston & Storrs. The overview was followed by an in-depth look at the proposed changes, the most dramatic being that all operating leases will now be required to be accounted for on a company’s balance sheet. George Wilfert, Associate Director Research & Analysis, PCAOB (Public Company Accounting Oversight Board), walked the audience through key affected areas including right-of-use asset and lease obligation liability. The program closed with a discussion by Domenic Savini, Assistant Director, FASAB, on government contracting and how federal, state and local government will translate FASB’s proposed changes.

Thank you to everyone who made this panel presentation possible. Attendees and non-attendees alike are reminded that FASB’s proposed lease change standards have not yet been finalized. Organizations are encouraged to submit their feedback to FASB. Visit http://www.fasb.org to provide input and suggested changes and improvements.

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