The National Retail Tenants Association is hosting their 2018 national conference in Houston, Texas. NRTA brings together hundreds of real estate professionals to discuss trends and challenges in the market, including compliance with the latest lease accounting standards from FASB and IASB.
During the conference there are courses offered that allow retailers to learn from experienced professionals around the United States on key issues facing Retail Tenants today. We were lucky enough to be selected to speak during the event. Our own Mike Hammerslag is speaking at both novice and advanced sessions focused on a key topic for many retailers today, FASB and IASB compliance. These sessions include:
Lease Accounting Impacts: Office vs. Retail, ASC 842 vs. IFRS 16
Monday, October 1, 2018, 1:30pm-3pm
Speakers: Mike Hammerslag and Denise Hinkle
This advanced presentation will explore the impact of the new lease accounting regulations brought forth by the FASB and IASB. While the FASB and IASB originally sought a converged standard, that outcome did not happen and there are important differences to note between the two standards. The ASC 842 regulation and its impact on office and retail leases will be the basis of the presentation, with differences to the IASB and its IFRS 16 regulation contrasted to the ASC 842 regulation as a base. Additionally, we will be using and focusing upon office and retail leases as the subject matter on which to evaluate the aforementioned regulations, and then breaking down the application of the standard(s) from there; taking into account gross vs net leases, component costs, escalations, and other related items.
Lease Accounting Adoption: Getting Around Bumps in the Road
Tuesday, October 2, 2018, 11am-12:30pm
Speaker: Mike Hammerslag
This novice session will walk attendees through common pitfalls associated with becoming ASC 842 and IFRS 16 compliant and how to work around these problems effectively. Common problems and solutions will be discussed around topics like re-writing processes and procedures in your organization, utilizing internal controls, and how to work through these problems.
We hope to see you at NRTA in Houston! If you want to make an appointment with one of our lease administration and accounting experts, or you are struggling with your implementation under another provider, stop by our Booth #5-6 during the show or visit to request an appointment.
Mike Hammerslag is Principal Consultant, Financial Applications and Strategy and Senior Product Manager based in New York. He leads Accruent’s lease administration and lease accounting efforts working closely with internal stakeholders and external clients alike to help them implement and adopt the new FASB and IASB standards. His experience has been with companies of all sizes and verticals including retail, corporate, healthcare, telecommunications, etc. He has a wide range of experience helping clients with implementation, governance frameworks, risk management, compliance, and controls. He is focused on ensuring clients an effective, efficient, and successful project program to address the risk and compliance needs of the new lease accounting rules such that they can report timely.
Denise Hinkle is Vice President, Client Development for Scribcor Global Lease Administration. She works closely with Scribcor clients to administer their real estate and equipment leases and help them prepare for the upcoming lease accounting changes. Denise has deep experience in both commercial real estate and accounting and has worked from many perspectives in the industry. She has worked with clients in almost every industry on both a domestic and global scale and concentrates on delivering customized, dynamic and intelligent lease administration and lease accounting services that help her clients optimize their leased asset portfolios.