BDO USA, LLP, a leading accounting and consulting organization, joined CoStar Real Estate Manager to host a webinar on how to comply with the recent FASB ASC 842 Lease Accounting changes.
The webinar discussed practical end-to-end solutions, including how to create an action plan and which stakeholders to involve in the change discussions. In addition, the webinar covered how to consolidate lease data into an effective reporting system.
The new standards require companies to report real estate, equipment and other leased assets on their balance sheets. This change impacts more than $700 billion for Fortune 500 companies alone, and greatly impacts many other retail and corporate companies. Although compliance deadlines are after December 2018, organizations should recognize that organizing resources, gathering relevant lease data, and implementing new accounting policies could take months.
CoStar’s Mark McDonald and BDO’s Jay Wurz and Joe Russo shared their knowledge and experience. Mark McDonald has been following the lease accounting changes since its initial draft and has taught on the topic at numerous locations, including the National Retail Tenants Association’s national conference.