Equipment Leasing and Finance Association - Equiping Business for Success

Lease Accounting

Information on financial accounting and reporting issues in the equipment finance space and their impact on the industry.
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The Financial Accounting Standards Board released a new lease accounting standard on February 25, 2016. Prepare for the new rules using the following resources.

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Navigating the New Lease Accounting Standard

This white paper outlines what's in the standard and how to get ready.

Update

ELFA Submits Comment Letter
In September 2018 ELFA filed a formal Comment Letter with the FASB on proposed amendments to the new lease accounting standard.  The Proposed Accounting Standards Update, Leases (Topic 842):  Narrow-Scope Improvements for Lessors, responds to three post-issuance questions:  the accounting for sales, use and similar taxes; the accounting for other costs paid by a lessee that may benefit a lessor; and variable payments when contracts have lease and non-lease components. Read the letter.

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Submit Your Lease Accounting Questions

To help you prepare for the new lease accounting standard, ASC 842, ELFA’s Financial Accounting Committee has created a Lease Accounting Resource Group (LARG) comprised of key industry lease accounting experts. The goal of the LARG is to solicit or identify technical accounting questions and issues related to the implementation of ASC 842 and provide ELFA members with opinions and guidance to consider in your implementation. Learn more and submit your questions or concerns.

Lessee Tools

Access educational resources to share with your end-user customers on ELFA's Equipment Finance Advantage end-user website, including an FAQ document, tip sheets and more.

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