Jesse Allison, President
In this issue:
Job Posting: Accounting Manager
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Shearer’s Foods, LLC & Subsidiaries is seeking an Accounting Manager to work in their Massillon, Ohio facility. Key responsibilities include management of the Corporate Accounting department, oversight of the month-end close process, financial statement reporting and analysis, and assistance with the external audit processes. This position reports to the Director, Corporate Accounting. Must possess an accounting degree and CPA certification, minimum 6 years of accounting experience, auditing background with CPA firm preferred, strong knowledge of GAAP and proven ability to apply GAAP to manufacturing industry, and excel intermediate to advanced skills. EEO Employer Interested candidates should submit their resume at http://www.shearers.com/careers.
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The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) intended to improve financial reporting about leasing transactions. The ASU affects all companies and other organizations that lease assets such as real estate, airplanes, and manufacturing equipment.
The ASU will require organizations that lease assets-referred to as "lessees"-to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases.
"The new guidance responds to requests from investors and other financial statement users for a more faithful representation of an organization's leasing activities," stated FASB Chair Russell G. Golden. "It ends what the U.S. Securities and Exchange Commission and other stakeholders have identified as one of the largest forms of off-balance sheet accounting, while requiring more disclosures related to leasing transactions.
"The guidance also reflects the input we received during our extensive outreach with preparers, auditors, and other practitioners, whose feedback was instrumental in helping us develop a cost-effective, operational standard," added Mr. Golden.
Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current Generally Accepted Accounting Principles (GAAP), the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP-which requires only capital leases to be recognized on the balance sheet-the new ASU will require both types of leases to be recognized on the balance sheet.
The ASU also will require disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements.
The accounting by organizations that own the assets leased by the lessee-also known as lessor accounting-will remain largely unchanged from current GAAP. However, the ASU contains some targeted improvements that are intended to align, where necessary, lessor accounting with the lessee accounting model and with the updated revenue recognition guidance issued in 2014.
The FASB and the International Accounting Standards Board (IASB) first embarked on a joint project in 2006 to improve the financial reporting of leasing activities. Since that time, the FASB and the IASB have issued three documents for public comment that generated more than 1,700 comment letters.
Throughout the project, the FASB and the IASB also conducted extensive outreach with diverse groups of stakeholders. That outreach included more than 200 meetings with preparers and users of financial statements; 15 public roundtables, with more than 180 representatives and organizations; 15 preparer workshops attended by representatives from more than 90 organizations; and 14 meetings with preparers. The FASB and the IASB also met with more than 500 users of financial statements covering a broad range of industries.
The IASB issued its final standard on leases (IFRS 16) on January 13, 2016.
"When the new FASB and IASB leases standards take effect, they'll provide investors across the globe with more transparent, comparable information about lease obligations held by companies and other organizations," noted Mr. Golden.
The ASU on leases will take effect for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other organizations, the ASU on leases will take effect for fiscal years beginning after December 15, 2019, and for interim periods within fiscal years beginning after December 15, 2020.
Early application will be permitted for all organizations.
You will earn CMA and CPE credits when you attend any live webinar. Replay webinars are available in the archive but do not earn credits. Advance registration is recommended—IMA webinars are popular and fill up quickly.
Expense Reporting Strategies, Trends, and Technologies for 2016
Revenue Recognition Rewind – What You Might Have Missed
The CMA Exam: Test-Taking Tips & Strategies
Driving Performance Through the Third-Party Ecosystem
Going All-In: Building Your Finance Team’s Data Analytics Capabilities
Successful Conflict Negotiation
2015-2016 tech sessions will occur as follows, alternating between n Skyland Pines and McCall’s, with hour long sessions beginning at 5:00 and 7:00 and dinner in between.
Cost for dinner is $30 regardless of the location. Please look for invite emails with registration information prior to each meeting.
• Social/Networking at 4:45 pm
• Pre-Dinner Technical Session at 5:00
• Dinner at 6:00 pm
• Post-Dinner Technical Session at 7:00 pm
More info: http://canton.imanet.org
The mission of the Institute of Management Accountants (IMA) is to provide a forum for research, practice development, education, knowledge sharing, and the advocacy of the highest ethical and best business practices in management accounting and finance. Please join us as we promote this mission in the greater Canton, Ohio, area.