Summit Session Details

Session 1 – Opening Panel: Ask the Accounting Professional

Cheryl Levesque – Partner, CFO & Business Advisory, DHG
Emily Fish – Product Accounting Manager, LeaseQuery
George Azih – CEO and Founder, LeaseQuery
Matt Tepfenhart – Managing Director, Riveron
Mark Jistel, CPA -Director, Riveron
Stephanie Parker -Senior Financial Analyst, Middleby

Listen to professionals from various accounting roles as they provide insights into lease accounting transition challenges and how to facilitate implementation. Panelists will explore the impact of the new standard, ASC 842, for private companies and share tips on preparing for a successful transition. Throughout this session, our panelists will also answer audience questions submitted during registration on topics related to adoption challenges and how to maintain compliance.

Objectives:

1. Gain insight into the lease accounting evolution caused by the adoption of ASC 842
2. Understand key concepts of the lease accounting changes from several perspectives
3. Identify best practices for a successful implementation of ASC 842

Session 2 -What You Need to Know Now for Your Transition to ASC 842

Lisa Kaestle, Audit – Director, Accounting Advisory Services, at Grant Thornton Center of Excellence Lead

During this session, a presenter from Grant Thornton will discuss details surrounding the new lease accounting standard, ASC 842, starting with key considerations, such as the definition of a lease and comparing and contrasting ASC 840 (old) and ASC 842 (new) guidance. To further illustrate the impact of ASC 842, the presentation will include an example of how to calculate the opening lease liability and ROU asset upon transition.

Objectives:

1. Comparing and contrasting ASC 840 to ASC 842
2. Demonstrating operating lease calculations and journal during transition
3. Being prepared for a successful audit

Session 3 – Tales from the Trenches: CPAs Share How to Avoid Common Challenges Faced During Transition to ASC 842

Jeff Weinberg – Director, Baker Tilly
Paul Dunn, CPA – Partner, Baker Tilly

Many of you are still in the early stages of your transition journey to ASC 842 or have started the process but still have questions. During this session, accountants from Baker Tilly will discuss the types of challenges companies face and steps your organization can take to avoid them. The focus will be on sharing their insights into the transition experience to help private companies prepare for frequent/prevalent pitfalls. The presenters will focus on the steps for transitioning to the new standard and tips and advice they have gleaned along the way.

Objectives:

1. Identify common challenges and pitfalls companies may face during their adoption of ASC 842 and how to avoid
2. Explore the steps private companies need to take to begin their transition to ASC 842
3. Learn from the experiences of auditors working with companies who have completed their transition

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