Leasing Update

Date: Wednesday, January 25, 2023
Time: 02:00 PM ET / 01:00 PM CT / 12:00 PM MT / 11:00 AM PT [Prevailing Time]
Presenter: Michael Cheng, CPA, National Professional Practice Partner, Frazier & Deeter
Moderator: Wayne Sine, CPA, Director of Education, National Society of Accountants for Cooperatives
Learning Objectives:
Better understanding of Lessee accounting under Topic 842
Field of Study: Accounting
Program Level: Basic
CPE Credit: 1 Credit Hour
Delivery Method: Group Internet-based
Prerequisite(s): No advanced preparation or prerequisites are required for this course.
  Order Recording

Course Description

The Financial Accounting Standards Board (FASB) has issued a new Accounting Standards Update, ASC 842: Leases, that address lease recognition under the U.S. Generally Accepted Accounting Principles (U.S. GAAP). How will ASC 842 impact financial statements? Join us for this 60-minute zoom with Michael Cheng for a Leasing Update focusing on balance sheet presentation and disclosure. 

Presenter and Moderator Bios

Presenter: Michael Cheng, CPA, National Professional Practice Partner, Frazier & Deeter

Mike Cheng joined Frazier & Deeter in 2019 as the Partner who oversees the firm’s professional practices related to accounting and audit. As part of this role, he specializes in assisting clients with complex accounting and financial reporting issues. Prior to joining the firm, Mike was a Senior Project Manager at the Financial Accounting Standards Board (FASB). At the FASB, he served as the Private Company Council (PCC) coordinator, where he was responsible for all PCC related matters. In addition, Mike led projects to simplify the accounting for non-employee share-based payments, help shape the future of the FASB technical agenda and improve consolidations guidance (VIE guidance). Most recently, he worked on the FASB’s implementation team on revenue recognition (ASC Topic 606) and lease accounting (ASC Topic 842). Prior to joining the FASB, Mike held various management positions with PricewaterhouseCoopers. He was an Audit Senior Manager, Private Company Services, in the firm’s Stamford, CT office. From 2003-2011, he also held roles of increasing responsibility in PwC’s Core Assurance divisions in Buffalo and Rochester, NY.

Moderator: Wayne Sine, CPA, Director of Education, National Society of Accountants for Cooperatives

Wayne Sine is an experienced and highly knowledgeable professional in the field of Tax. Wayne recently retired as Tax Director from his company, Southern States Cooperative. He has extensive experience working with agricultural cooperatives and has been a long time member of the NSAC. He is extremely active in the NSAC, serving as both past Chapter President of the Atlantic Chapter, past Chair of the Tax Committee, and is currently serving as the NSAC Director of Education.. Wayne's career is marked with several accomplishments, and he has always been involved in many organizations, spreading his knowledge. Wayne is a member of the Legal, Tax, and Accounting (LTA) Committee for the National Council of Farmer Cooperatives. He is also Past Chair of both the Tax Committee of the Virginia Chamber of Commerce and the Virginia Manufacturers Association. Wayne also served on the Tax Policy Committee at the Virginia Society of CPAs, and served as past Region Vice President for the Tax Executives Institute. 

Cost
Free for NSAC Members / $56.00 for Non-Members

Delivery System

• All programs are delivered using the Zoom platform.
• Confirmations will include log-in instructions.
• Participants are able to participate using any device with an Internet connect (if the device does not have speakers, the participant can also dial-in) or they can participate with audio only by dialing in.
• All registrants will receive a link to the CLN’s recording by email within 48 business hours of event’s conclusion.
• There will be assistance available to help with technical and connectivity issues up to 10 minutes prior to the start of the presentation.

Registration

All registration is done on-line and each guest must provide their name and email address to participate. All NSAC members may register for free. Non-members may register for a nominal fee.

Refund Policy

NSAC will not issue refunds for CLNs. If a registrant is unable to participate in the CLN and provides notification to info@nsacoop.org 48 hours prior to the session, a credit will be provided for a future CLN. Alert the NSAC staff member monitoring the CLN if technical difficulties are encountered and technical support will be provided to eliminate problems with future CLNs.

Additional Information

Live participation is required for CPE credit and polling questions must be answered to document your active participation. All registrants will receive an email following the session with links to the slides and/or handouts, and a link to the CLN recording (unless otherwise stated). If you are unable to participate in the live session, you can still watch the recorded session, but you will not be eligible for CPE credits. Those eligible for credits will receive their certificate by email with 7 business days.

For more information regarding NSAC CLNs or administrative policies such as complaint and refund, contact the NSAC Headquarters, 7946 Clyo Road, Suite A, Centerville, OH 45459, 937-222-6707, or info@nsacoop.org.