Bill Bosco reports on the FASB’s first meeting on Leases Topic 842, which concerned a consequential lessor classification issue. Although this issue results in bad accounting practices, Bosco is concerned because the board seems unwilling to resolve the issue through a revision of the standard.... read more

January/February 2017

The larger an equipment leasing company gets, the harder it becomes to keep up with sales tax compliance. ECS Financial Services Shareholder Nancy A. Geary outlines six essential questions executives need to ask ahead of time to avoid common missteps in sales and use tax processing.... read more

January/February 2017

ECS Financial's Jay W. Dahl explains that leasing software is an important tool that can be used to collect the substantial amount of information needed to meet the FASB's new leasing standards. He also advises that a good understanding of GAAP and federal and state taxes rules will help alleviate the burden of taxes on your business.... read more

December 2016

The industry has a new issue in need of advocacy. The capital requirements of banks and other regulated financial institutions are at stake as regulators may treat newly capitalized right of use asset and operating lease liability as any other asset and debt. Bill Bosco provides background on the situation, discusses the ELFA’s advocacy efforts and initiates a call to action.... read more

November/December 2016

Although the initial goal of the lease accounting project was to create a global set of rules, the FASB and IASB could not agree on everything, which resulted in some disparity. Bill Bosco discusses the key differences between the two sets of rules and the resulting implications.... read more

September/October 2016

With the new FASB lease accounting standard inching ever closer to implementation, CPA Phil Tirino takes a closer look at the new leasing guidelines and gives further insight into what needs to be done to prepare and some technical points of distinction for operating and finance leases. ... read more

October 2016

Bill Bosco explores the lighter side of leasing. He shares a few amusing anecdotes from his leasing career to remind us that there’s more to leasing than formulas and number crunching.... read more

July/August 2016

Bill Bosco takes a look at the ways the principles of accounting and taxation that govern leasing have changed over the last 25 years, mostly for the better.... read more

Monitor 100 2016

The new lease accounting rules have clarified that the investment tax credit is a component of lease revenue, but the FASB did not include any detailed guidance regarding how to account for it. Bill Bosco discusses the history of the ITC tax credit and provides an example of how to handle this complex accounting.... read more

May/June 2016

Bill Bosco reviews the changes that lessees will encounter while preparing for the new FASB lease accounting rules. He encourages lessees to utilize a lease accounting system and outlines the information that lessees will need to research and enter into the new system.... read more

March/April 2016

With the FASB leases project nearing its finale, Bill Bosco outlines key changes to lessor accounting, including the definition of lease payments and how the new rules will affect bundled leases. He also discusses changes to the definition of a lease, updated lease classifications and the end of the leveraged lease.... read more

January/February 2016

In the final installment of a three part series, Monitor editor, Rita E. Garwood, sits down with members of the ELFA’s Financial Accounting Committee — Bill Bosco, John Bober and Rod Hurd — as well as ELFA President and CEO Ralph Petta to discuss the ELFA’s Lease and Finance Accountants Conference as well as the association’s role in the lease accounting project. ... read more

2016

In part two of a three part series, Monitor editor, Rita E. Garwood, sits down with members of the ELFA’s Financial Accounting Committee — Bill Bosco, John Bober and Rod Hurd — at the ELFA’s 2015 Lease and Finance Accountants Conference to discuss the implications of the new revenue recognition standard.... read more

In part one of a three part series, Monitor editor, Rita E. Garwood, sits down with members of the ELFA’s Financial Accounting Committee — Bill Bosco, John Bober and Rod Hurd — as well as ELFA president and CEO-elect Ralph Petta at the ELFA’s 2015 Lease and Finance Accountants Conference to discuss the most important steps that lessors and lessees can take to ensure a smooth transition to the new accounting standards.... read more

2015

Bill Bosco provides an update on the status of the lease accounting project and operational issues. He outlines outstanding issues and reveals good and bad news, as well as the anticipated financial impact, of the new accounting rules.... read more

September/October 2015