A palpable sigh of relief went through the accounting world last week.

As of July 17th, the Financial Accounting Standards Board (FASB) voted to extend the deadline for its ASC 842 compliance.

Private companies get another year on the clock.

This move by the governing board to transition the deadline to January 1, 2021 presents some serious questions. After all, public companies didn’t receive this generous offer. Their compliance deadline remained set in stone for the beginning of 2019.

So why did the FASB decide to initiate this roll back? It’s a tricky question fraught with complications and complexity, much like the new lease accounting standard itself.

On the surface, it makes sense why private companies are welcoming this update to the schedule. There’s a pile of challenges even the most fearless accountant wouldn’t want to tackle. 

But dig deeper into the effects of the decision, and you might question if it was a good idea after all.

More than 80% of American companies lease equipment rather than purchasing it.

That’s a big number.

And the reason you should care about it is even more significant. When your compliance deadline rolls around, all of your equipment leases will have to be noted on your balance sheet.

In the past, this treatment was reserved for capital leases only.

But now the Financial Accounting Standards Board (FASB) and its sister governing boards have also decided operating leases - including equipment leases - should move out of the footnotes to join the party on the balance sheet.

But just what is an equipment lease according to the accounting governing boards?

There’s one place retailers go to hone their knowledge and skills in real estate lease management.

We’re talking about the annual National Retail Tenants Association (NRTA) 2019 Conference where thousands gather for hands-on training every year.

In 2019, the tradeshow is taking place on Marco Island, FL from Sept. 15-18. AMTdirect has made it a priority to attend this important industry event every year, and 2019 is no different. 

There’s a reason why we - and hundreds of other companies - consider it a must-attend conference. Experts in the field lead lectures, courses and workshops. These sessions never fail to impart practical, real world experience to attendees.

Since we’re so excited to be at the conference this year, we’ve put together tips for attendees to get the most out of the 2019 NRTA Conference.

By now, everyone knows about the new lease accounting standard FASB ASC 842. 

It’s taken the lease administration world by storm. Public companies were the first to take on compliance challenges in 2019. And now private companies are implementing new processes to meet their January 1, 2020 deadline.

The rules, their implications, and the challenges have been covered in detail:

• FASB ASC 842 Summary
• 13 Must-Read Articles for Lease Accounting Compliance
• Why Lease Accounting Lagards Face Serious Risks
• The Complete FASB ASC 842 Lease Accounting Resource Center
• New Lease Accounting Standard (ASC 842) – Adoption Readiness Planning

What many organizations are finding out is the immense amount of time, energy and money it takes to implement these new lease accounting standards.

The journey into FASB ASC 842 compliance has been filled with unexpected curves and surprises for both public and private companies in the last few years.

There are countless FASB lease accounting changes to be made, terms that’ve been redefined, and added expenses to take into account.

We want to help you stay as informed as possible about the entire scope of FASB ASC 842 implementation and other lease accounting updates. We’d recommend stalking the most trusted resources on this topic.

You can start by bookmarking these 13.

Planning to attend HFMA 2019? It’s an important event you don’t wanna miss!

Healthcare Financial Management Association (HFMA) is the nation's premier membership organization for healthcare finance leaders.

Its annual conference, HFMA 2019, is the go-to event for inspiring real conversations and connecting a community of over 2,500 leaders focused on improving the business of healthcare.

These like-minded executives from all over the country lead and manage healthcare finance.

At this event, they gather to be inspired, to take action, and to obtain the tools needed to lead change and transformation within the industry.