Jim Suttie is a CPA and principal at Rea & Associates that specializes in assurance work, lease accounting, and general advisory services. Jim received his bachelor’s degree from Ohio University, where he graduated Summa Cum Laude. Prior to joining Rea, Jim worked with Skoda Minotti & Co. (now Marcum LLP) for 25 years, starting as a staff accountant and moving up to principal over the course of his career. Click here to find out more about Jim.
Change is Here: Understanding the New Lease Accounting Standard
Among the myriad of changes brought on by COVID-19 is the new lease accounting standard. This new standard, also called ASC 842, aims to overcome a major loophole in the previous standard – off-balance sheet operating leases. As this change, and others, begin to take place in the wake of the pandemic, it can leave you wondering… what does this change mean for my bottom line?
This new change will take place just before the end of the year, making now the perfect time to take inventory of your businesses plan to adapt to this updated standard. After all, getting ahead of the game and creating a plan to ensure your businesses compliance with new standards is the best way to make the transition into new lease accounting standards as smooth as possible for your business as we round out 2021.
What You’ll Learn About the New Lease Accounting Standard
In less than a year, private companies will be required to adopt the new standard for accounting for leases. This means those who follow generally accepted accounting principles and carry leases are in for some pretty big changes.
Jim Suttie, a principal on Rea’s lease accounting task force, is here to provide some much-needed insight into what this new standard means and how to start preparing.
Listen to this episode of unsuitable to learn:
- The new standard for accounting for leases
- The biggest differences between the old and new standards
- The side effects of the new standard
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