Summit Session Details

Session 1 – Ask the Accounting Expert Panel – Compliance and Beyond

Doug Uhl – Senior Principal, Chick-Fil-A Inc.
Sarah O’Sullivan – Senior Director, Product Accounting, LeaseQuery
Jason Parker, CPA – Senior Alliance Manager, LeaseQuery
Lisa Kaestle, Audit – Director, Accounting Advisory Services, Grant Thornton Center of Excellence Lead
Stephanie Parker -Senior Financial Analyst, Middleby
William Ryan – Partner, Audit and Assurance, EisnerAmper

In the opening session, presenters from a variety of roles came together to discuss the critical processes organizations need to consider for complete and accurate post-transition lease accounting. Panelists explored the effects of adoption on an organization by sharing lessons they learned and what advice they have for private companies adopting ASC 842. Finally, the participants discussed different types of contract modifications that might impact the balance sheet and then identified how companies can leverage technology to maintain compliance for post-implementation success.

Objectives:

1. Identify what new processes will be needed to smoothly transition to the updated lease accounting requirements after implementation
2. Recognize the potential effects of adoption on critical business decisions and the resources available to aid in these decisions
3. Examine the controls organizations must consider to promote compliance post transition

Session 2 – Preparing for Year End: Required Disclosures and Asset Impairments

Jason Parker, CPA – Senior Alliance Manager, LeaseQuery

During this session, we introduced the qualitative and quantitative disclosures required by the new lease accounting standard, ASC 842.

Throughout the presentation, we highlighted the differences and similarities of these disclosures compared to the legacy accounting standards, and provided detailed explanations of the necessary calculations. Jason then reviewed the accounting treatment for asset impairments and how your ROU assets may be impacted. Finally, we discussed strategies for preparing for your first audit post transition, with a focus on the importance of taking steps now to mitigate any risks associated with the new lease accounting rules.

Objectives:

1. Understand the year-end disclosures required under the new lease accounting standard, ASC 842
2. Explain the potential triggering events for asset impairments and the appropriate accounting, including the possible impact to ROU assets
3. Identify issues to look out for as you prepare for your first audit after implementing the new guidance and learn strategies to mitigate

Session 3 – ASC 842 Policies & Procedures

Amanda Payne – Senior Channel Enablement Lead, LeaseQuery

In our final session, we reviewed the policies and procedures organizations should consider prior to and during the adoption of the new lease accounting standard, ASC 842. Our presenter discussed the importance of providing your auditors with clear documentation of your transition to ASC 842 at the beginning of the audit in a policy memo.

Next, we explored the procedures and policies to discuss prior to adoption, such as which of the available transition methods and practical expedients will be utilized, and which policies impact your lease listing. Lastly, we covered specific financial statement risks arising from lease accounting and what steps may be taken to reduce these potential errors or misstatements.

Objectives:

1. Explain the importance of providing a memo to your auditors documenting the policies and procedures applied prior to and during the transition to ASC 842
2. List the various transition methods and practical expedients available to employ during your implementation of ASC 842
3. Understand the financial statement risks associated with lease accounting and the procedures to apply to mitigate those risks

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