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Thursday, May 18, 2017 LiveMonmouth/Ocean Chapter

Leases (E1705279)

8:30 AM - 10:30 AM EDT

Registration: 8:00 AM EDT

Jumping Brook Country Club

210 Jumping Brook Road
Neptune , NJ 07753

2 CPE Credits in AA

OVERVIEW

The New Lease Accounting Standard – Are you prepared?

For Public companies the effective date of ASU 2016-02, Leases (Topic 842) is Fiscal Years after 12/15/2018. You have time, right? Not necessarily, if you: (i) plan to issue comparative statements; (ii) have many real estate and equipment leases/contracts; and (iii) have a decentralized system for tracking these contracts. This program will review the evolution, impacts and the steps companies should consider to be prepared for The New Lease Accounting Standard.

Know Your Lease Audit Rights

The Landlords annual CAM reconciliation is received and expenses have increased dramatically. What can you do to protect yourself from over paying your fair share? Audit the rent statements. Understanding the terms of the lease you have signed is critical in determining if the landlord has inadvertently over charged for your premises. This program will review what makes a good audit candidate and how to determine your rights to examine and challenge the charges and recover any over payments. 

DESIGNED FOR

Accountants in public practice and industry whose companies/clients lease property.

BENEFITS

  • Understand if you have a Lease in your contract/agreement
  • Become aware of potential accounting and tax implications
  • Identify next steps to prepare for the implementation
  • Calculation of your true lease costs
  • Understanding your right to audit your lease invoices
  • Recovering overpayments
  • Comfort in knowing you are paying for what you agreed to pay
  • Earn 2 CPE credits in Accounting and Auditing

HIGHLIGHTS

The New Lease Accounting Standard – Are you prepared?
History and background of the accounting for Leases
Financial Statement implications
Potential Tax implications
Implementation guidance – internal and external stakeholders, IT, timing

Know Your Lease Audit Rights
Determining different leases and best candidates for audit
Fiscal vs Calendar years can matter
Who should pay for capital improvements to the building

COURSE LEVEL

Basic

ADDITIONAL NOTES

$10 late fee after 5/16. Season Pass holders must register for each event.

For handouts, please visit your My Events page. Handouts are added as received - remember to check back for updates.

INSTRUCTOR

Michael VanderGoot

Michael VanderGoot, CPA CGMA

Manager, Lease Audit

BDO USA, LLP

Michael VanderGoot, CPA, CGMA is a manager in BDO's Corporate Real Estate Advisory Services Practice. Michael has over 25 years of real estate accounting and finance experience. He began his career working for a real estate developer and his path eventually led to controller and finance/operating officer positions for local, regional and national real estate companies. His responsibilities included overseeing rent and additional rent billings to tenants, and resolving disputes when they would arise. In addition, responsibilities included analyzing the contracts and invoices of all the vendors. Prior to joining BDO, Michael was director of audit at BC Compliance Group where his primary focus was representing tenants with lease auditing. His accounting and finance experience working for real estate owners and developers added an alternative perspective to tenant-related issues and accounting treatment by landlords. He also currently serves as the Secretary for the NJCPA Board of Trustees and is a member of the American Institute of CPAs (AICPA).

PRICING

Free Event
Pre-Registration Closed

Online pre-registration for this event is now closed.

ADDITIONAL OPTIONS

Print a registration form