The Transition to ASC 842: Practical Considerations for Lessees


This is a virtual event, accessible online and over the phone. Access instructions will be provided after registration.


As companies continue to grapple with the transition from ASC 840 to ASC 842 there are a myriad of technical details to consider from practical expedients to discount rates, balance sheet impacts, federal and state tax issues, and system implementation challenges among others. As lessees tackle compliance with the recent tax law and accounting changes, it’s important to not lose sight that lease financing can still be a compelling acquisition tool.

This webinar provides lease accounting background information and a deep dive of accounting policy decisions and tax considerations impacting the transition. Attendees will hear from our subject matter experts on the details and practical considerations to inform and aid their decision-making. Real life examples of the financial statement treatment of lease transactions and the accounting treatment thereof. An in-depth discussion of the advantages of leasing will provide attendees with the business case as to why they should still lease in this new accounting environment.

Educational Objectives:

  • Understand the general background of ASC 842 including the definition of lease versus service agreement and be able to classify a lease as finance or operating based on classification tests.
  • Know the financial statement treatment of finance type, or operating lease agreements.
  • Understand practical expedients available to lessees and how to determine the discount rate used to measure a right of use asset and lease liability.
  • Understand the continued benefits of leasing versus buying under the new ASC 842 standard.

Who would benefit from attending this program?

This program is designed for c-suite executives, and directors and managers within corporate accounting departments to help them understand the profound changes to corporate balance sheets that could be triggered by implementation of the new leasing standards.

In partnership with:


Joseph Sebik
  • Director, Tax Reporting
  • Siemens Corporation

Joseph P. Sebik earned his B.A. from Queens College of the City University of New York. He is a Certified Public Accountant in NYS and a member of the Accounting Committee of the Equipment Leasing & Financing Association (ELFA) since 2000 and the Chairman of Federal Tax Committee of the ELFA. He is a recurring speaker at ELFA Accounting & Tax Conferences.

Joe is the author of numerous articles on leasing and equipment finance as well as the BNA Bloomberg Lease Accounting and Lessor Economics portfolios and has over 30 years of lease accounting, financial reporting, transaction structuring and tax reporting experience with PriceWaterhouseCoopers, IBM Credit Corporation, Citicorp Global Equipment Finance, JPMorgan Capital and Siemens Financial Services Corporation.

John Bober
  • Managing Member
  • IXL Lease Advisory Services, LLC

John Bober is lease consultant specializing in lease accounting and financial reporting. John started IXL Lease Advisory Services, LLC following his retirement from GE Capital, and he is a senior advisor to EY's Financial Accounting Advisory Services practice. At GE Capital he was primarily focused on the leasing of equipment and vendor finance arrangements and managed for the General Electric Company all aspects of the FASB-IASB’s lease accounting project. He has been active in the accounting standards setting process, having served on both EITF and AcSEC working groups, and is a member of the joint FASB and IASB international working group on lease accounting. John chairs the accounting and reporting committee of the Equipment Leasing & Finance Association and was the 2014 recipient of the ELFA’s Distinguished Service Award. He is the past chair of the accounting committee of the Aviation Working Group and the Financial Executives International leases working group. He frequently speaks at industry conferences on matters related to current developments in finance and accounting.

Andy Fishburn
  • Vice President of Federal Government Relations
  • Equipment Leasing and Finance Association (ELFA)

Andy Fishburn joined the Equipment Leasing and Finance Association (ELFA) in September 2012. ELFA is the premier trade association representing 575+ member organizations in the $1 trillion equipment finance sector. Mr. Fishburn directs and operates all aspects of the association’s federal relations strategy and the engagement of members in political programs.

Mr. Fishburn has focused on legislative, financial and tax policy matters throughout his distinguished career within the Department of Treasury and the U.S. Congress. He served in legislative affairs positions and as senior advisor to four Secretaries of the Treasury, including as a Deputy Assistant Secretary under Secretaries John Snow and Henry Paulson. During 2010 and 2011, he served on the staff of the U.S. Senate Committee on Finance and worked for Sen. Max Baucus (D-Mont.) on tax policies such as bank taxation, tax administration, oversight of the IRS, tax extenders and small business tax issues. Most recently, he was the Director of Legislative and Intergovernmental Affairs at the U.S. Mint, acting as the Bureau’s lead legislative strategist and congressional liaison.

Continuing Education

1.5 CPE, 1.2 General COA
Production Date: