Understanding ASC 842 and Impacts to Manufacturers and Distributors
July 14, 2022
11:30 AM
CLA Tampa Office, 201 North Franklin St. Suite 2500 Tampa, FL 33602
There has been a shakeup in accounting pronouncements related to lease accounting which can result in some substantial differences between how Companies previously accounted for leases versus the now mandatory Accounting Standards Codification 842 (ASC 842) lease accounting. If you haven’t started analyzing your leases for treatment under this new standard, then no need to fear, CLA is here to help guide you through these standards and what they mean for your business operations and financials. During this Lunch and Learn, we will discuss what ASC 842 is and what it has changed, gain an understanding of potential impacts to your financial statements, and discuss any tips and tricks that we have gathered as practitioners to aid in adoption in the current year.
3 Key Takeaways:
1. What is ASC 842?
2. How will ASC 842 impact my business and my financials?
3. Tips, tricks and strategies to make adoption of ASC 842 seamless.
Presenters:
William Ray Busler III, CPA
CLA (CliftonLarsonAllen LLP)
Manager
813-384-2705
Tampa, Florida ray.busler@CLAconnect.com
Profile
Ray is an audit Manager in the Tampa office for CliftonLarsonAllen, LLP. Ray has more than 9 years of accounting experience, serving clients in the Tampa Bay area and across the U.S. He is responsible for performing, organizing, and supervising audit and other attestation engagements for primarily private clients in the manufacturing and distribution, transportation and logistics, commercial, and for-profit industries including in-bound audits of international companies and IFRS implementations. He is also known as a thought leader and implementer of financial data manipulation and analysis.
Ray also utilizes his actuarial sciences background as a Lead Analyst for the Business Valuation Services Group, where he has been providing valuations, calculations and forensic accounting services to a variety of privately-held companies. He performs valuations of businesses, intangible assets, and other various investments as well as valuation projects for financial reporting, marital dissolutions, mergers and acquisitions, shareholder disputes, bank financing, and tax among others.
Technical Experience
· Manufacturing & Distribution, Commercial and For-Profit Industries
· Purchase Accounting and Opening Balance Sheet Accounting
· In-Bound International Clients on a GAAP and IFRS basis
· Valuation and financial analysis
Education and Professional Involvement
· Bachelor of science in accounting with a minor in actuarial sciences from the University of Florida, Gainesville, Florida
· Master of science in accounting from the University of Florida, Gainesville, Florida
· American Institute of Certified Public Accountants (AICPA)
· Florida Institute of Certified Public Accountants (FICPA)
· Certified Public Accountant in the state of Florida
· International Financial Reporting Standard badge holder through the AICPA
· Member of the Bay Area Manufacturing Association and Leader of the Sports Committee
· 2022 Class Member for Tampa Connection
· Growth Network member for Manufacturing and Distribution in Florida and Valuation Services across the Nation
Eddie Duggan, CPA
CLA (CliftonLarsonAllen LLP)
Manager 813-384-2775
Tampa, Florida eddie.duggan@CLAconnect.com
Profile
Eddie is an Assurance Manager in the Tampa office at CliftonLarsonAllen, LLP. Eddie has been with CLA for over 4 years and is primarily responsible for performing and supervising audits of privately held companies.
Eddie has been in public accounting for over 7 years and has primarily served medium sized private companies in a variety of industries, but primarily in the manufacturing and distribution and employee benefit plan space.
Eddie is involved in a number of initiatives within CLA, including but not limited to, the CLA M&D Industry Leadership Series, Tampa Young Advisory Council (YAC), and co-lead of our bi-weekly assurance update meetings.
Technical Experience
· Manufacturing & Distribution, Commercial and For-Profit Industries
· Purchase Accounting and Opening Balance Sheet Accounting
· Employee Benefit Plans
Education and Professional Involvement
· Master of Science in Accountancy from the University of Connecticut, Storrs, CT
· Bachelor of Science in Accountancy from the University of Connecticut, Storrs, CT
· American Institute of Certified Public Accountants (AICPA)
· Florida Institute of Certified Public Accountants (FICPA)
· Member of the Bay Area Manufacturing Association
· CLA Growth Network Member for Manufacturing and Distribution in Florida
