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Heavy Lifting Begins on Lease Accounting Changes

June 1, 2017

Heavy Lifting Begins on Lease Accounting Changes

Those that have started the process are quickly realizing that they face some tough challenges ahead.

May 31, 2017 | by Beth Mattson-Teig | National Real Estate Investor

Companies are finally rolling up their sleeves and starting to prep for new lease accounting rules. Those that have started the process are quickly realizing that they face some tough challenges ahead, and for some, it may be a scramble to meet the approaching deadline.

Some industry experts are already questioning whether there is a general lack of preparedness for the new FASB and IASB lease reporting rules that are looming. U.S. public companies will need to be in compliance for annual financial statements that are released after December 15, 2019.

However, they would need to present comparative periods for two years trailing—effectively year-end 2018 and year-end 2017. Private companies have a one-year grace period and do not have to present financial statements until the end of 2020.

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Steve Siepak
Blue Vault session at the recent National Planning Holdings National Conference
September 13, 2017

The well-attended Blue Vault session at the recent National Planning Holdings National Conference was very well received. The value of their products was evidenced by the volume of questions from the attendees. Stacy Chitty, Managing Partner, did an excellent job of explaining the history, strategy and value of Blue Vault data.