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The International Accounting Standards Board and Financial Accounting Standards Board have introduced new leasing guidance that will require many companies to bring leases on balance sheet for the first time. The proposed changes will affect how Corporate Real Estate (CRE) and Finance teams consider the effects of leasing and accounting on real estate decisions. While the issuance and delivery of new standards has been defined, the situation from an adoption and implementation perspective seems uncertain as stakeholders within the organisation grapple with “whose responsibility it really is.” This session will be conducted in a debate format between CRE and Finance teams, where the focal point of discussion is to determine where the responsibility and accountability lies for the successful integration of new leasing standards. CRE executives will argue that the accounting impact of leases is a finance and accounting issue and not one that should be addressed by the real estate professionals, while Finance will contend that they do not have the market intelligence and appropriate expertise to provide the right forecasting insights required for the changes, and therefore are not in a position to comment on such arrangements. This lively discussion will uncover the challenges each party would face, determine the ownership and roadmap from an operational standpoint and discover if the intersection points might spring a new model of business operations.
Keywords: Shanghai 2017, 2017 Shanghai Summit, International Accounting Standards Board, Financial Accounting Standards Board, leasing guidelines, lease accounting changes