The book provides valuable guidance to both U.S. and international lessors and lessees by covering the many commonalities between ASC 842, the new U.S. lease accounting standard, and IFRS 16, the new lease accounting standard for countries outside the U.S. Although IFRS 16 recognizes one lease model for lessees and ASC 842 recognizes two (both finance and operating leases), there is significant overlap between the two standards.
The new lease-accounting standards are the result of an expressed need by the FASB and IASB for greater transparency into leasing obligations that were not on lessees’ books, said Halladay,
“My book examines numerous lease-accounting considerations under the new rules, including partial off-balance sheet financing, sale-leasebacks and changes to how U.S. lessors account for their leases,” said Halladay. “It also has particular applicability in emerging markets, because it provides up-to-date guidance as companies establish accounting policies and procedures.”
Finance executives worldwide, along with banking and legal executives, and the international leasing consultancy, will find in the 400-page book a wealth of lease-accounting information not likely available elsewhere. Halladay even includes a guide for marketing under the new rules that lessors can use to assist their clients.
Also, now available is another textbook on leasing that contains two chapters written by Halladay and Diane Croessmann, an Alta director. Leasing—The Creative Financing Alternative, by Sudhir P. Amembal, is a comprehensive review of lease fundamentals meant to serve as a reference for lessors. Halladay’s chapter speaks to navigating the new lease accounting standard, while Croessmann’s chapter pertains to managed services, the fast-growing pay-for-use trend impacting IT and health care equipment, as well as other equipment types.
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