Leasing Update

January 25, 2023 2:00pm ET
Location Information:
Zoom
Contact Information:
NSAC HQ
(937) 222-6707
info@nsacoop.org
Cost(s): $0.00 Member / $56.00 Non-Member

CPE: 1 Credit Hour
Field of Study: Accounting

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 TaxWayne 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.