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FASB and FAS 13: An Update on Latest Lease Accounting Regulations

  • IFMA WW 2016 San Diego Convention Center 111 West Harbor Drive San Diego, CA, 92101 United States (map)

New regulations for accounting in respect to leases have been issued by FASB as of February 2016. It is critical for facility managers to be aware of the impacts the new standard may have on their reporting obligations.. The FAS 13 accounting standard specifically outlines new regulations on how to classify leases as assets and liabilities and how to represent them correctly the balance sheet. The general expectation is that reporting compliant to the standard will be required from 2017 on. The FAS standard has seen numerous amendments since its conception, and is expected to see even further amendments made during 2016. This session will include discussion about the general standard. However, the session’s main focus will be on the FAS 13 structure and background in order to best explain the latest changes and the impacts these amendments hold for FM professionals. The “logic” behind the accounting standard will also be discussed in order to provide FM professionals a better understanding of the requirements necessary to accurately assess the impact to their individual businesses and to prepare them in practical ways to address those impacts.