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Lease Implementation for Private Entities 2024

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Online, OK 00000

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4.00 Credits

Member Price $159

Non-Member Price $209

Overview

The Financial Accounting Standards Board (FASB) has issued a new accounting standard for leases. This new standard-ASC Topic 842-replaces the existing ASC Topic 840, changes the accounting for operating leases (requiring capitalization in the financial statements), and upgrades many other lease accounting and reporting aspects.

Highlights

  • Analysis of requirements for lease accounting under ASC 842, including detailed schedules showing journal entries and computations
  • Analysis of internal control and fraud risk aspects
  • Identification of high-risk areas of lease accounting and reporting
  • Suggested audit and review procedures for identified risks

Prerequisites

None

Designed For

Accountants and auditors will be able to adequately plan their audit and review engagements regarding the appropriate procedures to be performed to determine their clients’ compliance with the applicable requirements regarding adopting the Lease standard. Internal Accountants can better understand their company’s needs to implement the Lease standard.

Objectives

  • Relevant considerations regarding the implementation of the new standard in upcoming audits and review, particularly for privately-owned companies
  • Evaluating whether leases have been recorded in conformity with the applicable financial reporting framework
  • Auditing transition adjustments and disclosures
  • Considering internal control over financial reporting
  • Identifying and assessing fraud risks
  • Evaluating whether the financial statements include the required disclosures regarding leasing transactions
  • Determine the impact on ratios and financial relationships that will be impacted by the new standard

Preparation

None

Leader(s):

Leader Bios

Eugene Ristaino, CalCPA Education Foundation

Gene Ristaino is a partner/member of Isdaner & Company, LLC, a local firm of 65 people in Bala Cynwyd PA (Philadelphia area) and is the director of accounting, auditing and quality control for the firm. Gene manages a diversified accounting practice (over 40 years of experience) specializing in the construction and real estate industries. He also provides consulting services for developers and contractors in cost certification and analysis, claim support and documentation, expert witness, business valuation and job cost system implementation and improvement. Gene has provided expert testimony and/or issued expert reports in numerous litigation support engagements involving real estate transactions, construction claims, family disputes and embezzlement cases. He has provided expert testimony in two Court appearances. He has also prepared construction contract claims, back charge reports, and damage reports in dispute litigation and arbitration. Gene is Accredited in Business Valuation (ABV) and Certified in Financial Forensics (CFF) certified by the American Institute of Certified Public Accountants (AICPA). Valuation and/or Litigation engagements include construction contractors; leisure transportation; travel and tour agencies; manufacturing; real estate investment limited partnerships and LLCs; specialty restaurants; and family limited partnerships. Cases have included dissenting stockholder disputes; buy/sell transaction prices; estate and gift tax issues; and owner disputes. Gene has attended the Business Valuation Course, and the Fair Value Forum developed by the AICPA. Gene has a Masters in Taxation (MT), concentrating in corporate taxation, with a specialization in the real estate and construction industries. Gene’s diversified background includes a concentration in the governmental and not-for-profit auditing sectors, including HUD, Circular A-133 and the Single Audit, as well as healthcare, manufacturing, transportation, retail and service organizations. Gene is a national instructor for the American Institute of Certified Public Accountants (AICPA) and many state societies. He also lectures for many industry associations, and has authored numerous professional education programs, including several one-day seminars. Gene is a member of the American and Pennsylvania Institutes of Certified Public Accountants and currently serves on the Peer review and A&A Procedures committees for the Pennsylvania Institute of Certified Public Accountants. Gene is a team captain for the AICPA Peer Review Program, and has performed numerous peer reviews under the AICPA Standards. Gene is a former adjunct professor of tax law for the Masters in Taxation Programs for Villanova University and Philadelphia University. He received his undergraduate BS degree in accounting from Drexel University, and earned his Masters in Taxation from Villanova University.

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Non-Member Price $209

Member Price $159