Episode 223: How Lease Accounting Changes Will Impact Your Bottom Line

Lease Accounting Changes | Business Podcast | Ohio CPA Firm

Kerry McElroy, CPA, is a senior manager on Rea's Zanesville team. A member of the Rea team since 2018, Kerry is well-versed in complex accounting issues, public and private entity structure and project management. A graduate of Ohio Northern University, and later Case Western Reserve University's master program, Kerry brings more than 15 years of experience to her role. 

Cody Niese, CPA, is a senior manager on Rea's Lima team where he is responsible for planning, performing and managing financial statement audits for construction, manufacturing and not-for-profit clients. He began his career in accounting in 2010, after graduating from The Ohio State University. Learn more about Cody

Kerry McElroy | Cody Niese | Lease Accounting Changes | Ohio CPA Firm Podcast

Don’t you just hate it when you get used to doing something one way and then something unexpected comes along and flips your world upside down? Well, that’s what’s happening in the world of lease accounting.

While the Financial Accounting Standards Board’s (FASB) Accounting Standards Codification Topic 842 won’t actually impact companies until 2021, as always, there are steps businesses should be taking now to prepare.

Kerry McElroy and Cody Niese are leading up Rea’s internal ASC 842 task force in an effort to ensure that the transition is as smooth as possible for our clients. In this episode, the duo helps us understand the subject of lease accounting a little bit better while explaining why the change is taking place, how it will affect businesses, the next steps businesses should take, and more.

Listen to this episode of unsuitable to learn:

  • What is lease accounting and why is it changing?
  • How will the lease accounting change affect small- to mid-sized businesses?
  • What software solutions are available?

Learn more about this topic:

Kerry McElroy & Cody Niese | Lease Accounting Changes | Ohio CPA Podcast

Stay Engaged

If you liked this episode of unsuitable on Rea Radio, hit the like button and share it with your followers on social media. You can also use #ReaRadio to join the conversation on Facebook and Twitter, and you can watch the podcast in action on the Rea & Associates YouTube channel.

Sign up to hear about new episodes and podcast updates!