The Equipment Leasing and Finance Association (ELFA) has released a host of new user-friendly tools to help lessors and lessees prepare for new lease accounting rules issued recently by the Financial Accounting Standards Board. The association is encouraging businesses to prepare now for the new rules, which take effect in 2019 for public companies and a year later for private firms. ELFA’s educational resources provide a comprehensive look at the important elements of the new rules and what lessees and lessors should be doing now to plan for the transition. The resources reveal that although the rules will change how operating leases are accounted for on corporate balance sheets, they won’t diminish the many benefits of leasing and financing equipment.

“Now is the time to prepare for the transition to the new lease accounting rules,” said ELFA President and CEO Ralph Petta. “ELFA is pleased to offer new resources to help our members understand and plan for what’s in the rules and educate their sales teams, vendor partners and end-users about the changes.”

Tools for Lessors

The following resources, available on ELFA’s website at www.elfaonline.org/issues/accounting/?fa=LAS, are designed to bring ELFA members and other stakeholders up-to-speed on what’s changing and plan for the transition: 

• FAQ: Answers to Your Questions About the New Rules
• Top 6 Tips for Lessors to Prepare for the New Rules
• White Paper: Navigating the New Lease Accounting Standard – Learn what’s new in the rules; what the implications are; and what lessees and lessors need to do to prepare for the transition.
• White Paper: Changes in Lease Accounting – Understand changes in the new rules; educate your sales teams, vendor partners and end-users about the rules; and allay potential customer concerns about the impending changes.

Tools for Lessees

The following resources, available on ELFA’s end-user website at www.equipmentfinanceadvantage.org/newLAR.cfm, are customer-ready so that ELFA members may share them directly with end-users and other stakeholders:

• FAQ: Answers to Your Questions About the New Rules
• Top 5 Tips for Lessees to Prepare for the New Rules
• Infographic: Top 5 Tips to Prepare for the New Lease Accounting Rules

Events
 
ELFA has planned a number of events to educate industry participants about the new lease accounting rules, including:

• Doing Business Under the New Lease Accounting Standard – Attend this March 2 workshop in person or watch the simulcast.
• Overview of the Final Lease Accounting Standard – Listen to a recording of this Feb. 9 web seminar. 
• Lease and Finance Accountants Conference – Save the date for this annual event, Sept. 12-14 in Baltimore.

The Equipment Leasing and Finance Association (ELFA) is the trade association that represents companies in the $1 trillion equipment finance sector, which includes financial services companies and manufacturers engaged in financing capital goods. ELFA members are the driving force behind the growth in the commercial equipment finance market and contribute to capital formation in the U.S. and abroad. Its 580 members include independent and captive leasing and finance companies, banks, financial services corporations, broker/packagers and investment banks, as well as manufacturers and service providers.