Accounting for Technical and Soft Skills

Lease and Finance Accountants Conference sees lots of “firsts”

The Lease & Finance Accountants Conference was held in-person at the Sheraton Hotel in New Orleans from Sept. 11-13 as well as virtually, attracting more than 160 participants. When including joint forums with the Operations & Technology Conference (OTC), which was held concurrently, the event included 314 attendees and 23 different sessions providing the latest information and trends on accounting, finance, financial reporting and the economy. In addition, attendees had access to a myriad of technology-related sessions as part of the OTC at no extra cost.

The program also included multiple networking events, including lunch on Tuesday, breakfast on both Tuesday and Wednesday, several receptions, a New Orleans walking tour and a 5K fun run/walk.

Lots of New in New Orleans

In the spirit of the name of the host city, there were many “new” records to recognize for the conference in “New” Orleans. Consider for example:

This was the first year the conference was conducted as a hybrid event with an option of attending most sessions remotely.

Due to cancellations in the pandemic year and resulting commitments, this was the first time the conference was held in the same city two years in a row.

This was my first conference specifically as Chair of the Financial Accounting Committee and the same for Tawnya Stone as Chair of the Operations & Technology Committee.

This was the first year the new leasing standard (ASC 842), which had been the main attraction to the conference for the last decade, had already been implemented for both public companies (2019) and others (2022).

This was the first year the accounting conference held a session on Artificial Intelligence (AI), certain to be a mainstay now at future conferences.

Along with the regular early-evening receptions, there was a reception on Monday night for first-time attendees.

There were a record number of exhibitors at the conference—companies featuring lease and finance accounting software and other technology-related processes and systems….23 in all.

For the first time there was a session on critical soft skills needed for success, such as skills relating to leadership, interactive engagement, communication, collaboration, best practices, etc. This was held in a roundtable format to encourage attendee interaction on the various related topics.

In addition to full food and open bar at the nightly receptions, this was the first year with a hot breakfast buffet option as well.

Conference Chair Jay Wilensky speaks at the CFO Roundtable.

Keynote Speakers

Among the highlights of the conference were three keynote speakers who addressed joint sessions:

On Monday afternoon, after a moment of silence to pay tribute to the 22-year anniversary of the 9/11 attacks, Robert C. Neagle, President and CEO of Finova Capital and Chair of the ELFA Board, delivered an interesting presentation on the Top 10 Equipment Acquisition Trends facing the growing US economy.

On Tuesday morning, Jeff Jensen, Vice President of Keybridge LLC, presented the 2023 Economic Outlook for the equipment finance industry. Jeff enlightened us on the state of the U.S. economy and implications for the equipment finance industry. His presentation also highlighted several relevant resources published by the Equipment Leasing & Finance Foundation.

Finally, later on Tuesday, Deb Reuben, CEO and Founder of TomorrowZone, provided sage guidance on how to systematically futureproof and transform initiatives or projects. The messages of the keynote speakers contributed comprehensive and broad value beyond just accounting or finance related topics.

Hosted Reception

Networking in the Exhibit Hall.

Conference Content and Daily Walk Through

A pre-conference session opened the first day of the accounting part of the conference on Monday morning with a deep introduction into Artificial Intelligence (AI). The way in which AI is revolutionizing the business world, it almost certainly will become a core topic now for a long time.

A welcome address and then the keynote presentation kicked off the official beginning of the conference on Monday afternoon, followed by concurrent sessions on introduction to leasing, taxation of leases and navigating the lease accounting guidance for lessors. The last sessions of the day followed with concurrent sessions covering lease and loan pricing basics, ESG and sale leaseback/built to suit. The day ended with a newcomers reception and then a general reception, all great networking opportunities to meet colleagues and enjoy professional interactions over food and drink.

The second day on Tuesday began with a good turnout for the 5k fun run/walk followed by breakfast. After the welcome for the day and the keynote address, we were honored to have IASB Board member Bob Uhl and FASB leases project head Ashley Tisckos apprise us on the official accounting standards and board happenings. The discussion was expertly moderated by ELFA’s former long-time Financial Accounting Committee Chair John Bober.

Keynote Session

A well-attended General Session.

Tuesday continued with a hosted conference luncheon, followed by concurrent sessions on the CECL credit loss standard, advanced lease and loan pricing and, for the first time ever, a soft skills roundtable on business advisory skills. The mid-afternoon sessions featured an opportunity to share best practices on current challenges with colleagues at the CFO Roundtable, as well as a session on securitizations and syndications, and the tax law update. The day ended with a general session on the current economic environment and its impact on lease accounting before heading to the reception, well-earned after a long day of interactive learning.

The final day of the conference began with a joint interactive session on “as a service”/ service contracts with multiple elements. This was followed by mid-morning concurrent sessions, including an advanced CECL class and an advanced class on capital markets focusing on securitizations. The time-honored last session of the conference was the popular “ask the accountant” where attendees had the opportunity to ask any and all questions on lease accounting and the like in an open panel format.

Attendees were eligible to receive 15 continuing professional education credits from the National Association of State Boards of Accountancy.

Acknowledgements and Looking Ahead

The conference content and sessions are prepared and conducted by the esteemed professional members of ELFA’s Financial Accounting Committee, all volunteers. I want to sincerely thank them for their engagement and expertise. Tremendous appreciation also goes out to the staff at ELFA for their guidance and support throughout the process. Feedback from the attendees’ evaluations and other interactions have been excellent and the committee is already working on reinforcing and expanding on the areas of positive recognition while resolving to utilize the constructive critique as opportunities for improvement as well.

With that backdrop, plans will be developing throughout the coming year in full force as we look forward to next year’s conference, Sept. 9-11 in Music City USA and the beautiful new Embassy Suites Hotel in Nashville, Tennessee!

LAC