To help lessees and lessors prepare for the new lease accounting standard, the Equipment Leasing and Finance Association released Quick Quiz: Test Your Lease Accounting I.Q. The quiz is comprised of 12 yes or no questions pertaining to operational, financial and accounting impacts of the new standard, and provides detailed answers to help users increase their knowledge and preparedness.

The quick quiz is the newest of ELFA’s host of tools that address the questions of its members, end-users and other stakeholders on the new lease accounting standard, Topic 842. In addition to the quick quiz, ELFA resources for lessors and lessees include bylined articles, checklists, FAQs and infographics available at ELFA’s Equipment Finance Advantage website for end-users, a one-stop resource designed to help current and potential end-users of equipment financing make the best possible decisions.

“ELFA is pleased to provide professional industry expertise on the new lease accounting rules that is both informative and engaging for lessors and lessees,” ELFA President and CEO Ralph Petta. “Our quick quiz and other lease accounting resources are designed to help stakeholders understand the new standard so organizations can continue to enjoy the many benefits of leasing that remain intact under the new rules, from maintaining cash flow, to preserving capital, to obtaining flexible financial solutions, to avoiding obsolescence.”

ELFA is encouraging users to share the online quick quiz link or downloadable PDF with business contacts, friends and others, with full permission. Users are encouraged to share the tool on social media channels using the hashtag #FinanceEquipment and via email, websites and blogs.