The adoption of the new leasing standard (ASC Topic 842) is now upon us this year! Next year, the new expected credit losses standard (ASC Topic 326) will be in effect. Will you be prepared to properly account and disclose such transactions?

This webinar is designed to provide external auditors with practical and insightful perspectives on how to account and disclose under the Financial Accounting Standards Board’s (FASB) new leasing standard and expected credit loss model. Attendees will learn the new accounting and financial reporting requirements.

Who Should Attend

Practitioners in public practice who conduct audits of privately-held organizations, who have adopted ASC Topic 842 in 2022, and will adopt Topic 326 in 2023.

Topics Covered and Learning Objectives

• ASC Topics 842 and 326 – particularly the FASB’s new take on how leases and expected credit losses will now be recognized on the balance sheet.
• The new presentation and disclosure requirements and practical application.
• The FASB’s new leasing and expected credit losses accounting and reporting requirements
• The new accounting and reporting requirements of leases and expected credit losses
• How to properly audit the transition requirements and initial adoption of the new standards.

Level

Intermediate

NASBA Field of Study

Accounting & Auditing (2 hours)

Program Prerequisites

General knowledge of ASC Topics 842 and 326

About the Speaker

Salvatore A. Collemi, CPA has a keen understanding into the mindset of both regulators and standard-setters—and can leverage that knowledge to help a variety of different clients maintain their integrity in financial reporting.
He regularly guides U.S. and international public accounting firms, litigation attorneys, valuation experts, the C-suite and related institutions that support the profession in order to maintain a high-level of audit quality.

With more than two decades of global business experience, servicing a broad base of both commercial and financial services industries, Mr. Collemi’s career highlights includes:

• Staff Accountant at the U.S. Securities & Exchange Commission’s (SEC) Division of Corporation Finance
• Technical Manager at the American Institute of Certified Public Accountants’ (AICPA) National Peer Review Program
• AICPA Liaison to the International Federation of Accountants (IFAC)
• External auditor and technical partner to national and international public accounting firms