Total Credits: 2 including 1 Accounting - Technical, 1 Auditing- Technical
After December 15, 2019, all private companies and nonprofits who issue financial statements will be required to adopt ASC 842, the new lease accounting standard for US GAAP and IASB 16. The most significant change is that almost all of the leases, including operating leases, have to be capitalized as "finance" leases and placed on the balance sheet.
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As a Principal in the firm’s Outsourced Accounting & Advisory Services group, Mr. Calabrese brings a successful track record of working with both nonprofits and government contractors. His remarkable career includes positions with the Air Force Audit Agency, Defense Contract Audit Agency, 3 government contractors, addition to 20+ years in public accounting. Mr. Calabrese’s extensive experience with the Cost Accounting Standards (CAS) and CAS disclosure statements, Federal Acquisition Regulation.
Mr. Calabrese has hands-on experience with the Uniform Guidance for Federal grants which positions him as a sought-after resource and consultant with respect to: grant cost accounting, sub-recipient monitoring, preparation of over (100) indirect rates / NICRA for several Federal agencies, policies and procedures, medical management systems invoicing to state Medicaid agencies and toolkit for unit cost rates for Ryan White HIV AIDS HRSA awards.
Mr. Calabrese is a prolific speaker on Uniform Guidance and government contracting topics, making frequent presentations at seminars and conferences for NGMA, MACPA, Virginia Society of CPAs, GWSCPAs as well as firm-sponsored events
Do you need help meeting the new Lease Accounting compliance requirements? The recurring challenge facing my clients is difficulty understanding their lease environment, determining Right of Use asset values, and selecting the appropriate software system to meet their needs. In 2016, I recognized and anticipated these implementation challenges and compliance risks that organizations would experience with ASC 842 Lease Accounting adoption. To provide a comprehensive solution, I have served as National Technical Advisor for Vaco LLC, obtained certification and reseller agreements for multiple lease accounting systems including Lease Accelerator, Lease Query, Lease Crunch, and Tango, and served as project manager on multiple client engagements.
For a growing list of mid-size clients, I have developed a risk mitigation and SOX compliant proprietary business model that is driven by a two day on-site client assessment program. With this tailored approach, clients are provided a documented picture of their needs. As a result, they are better able to understand how the standard relates to their lease portfolio and choose the appropriate software system to capture over 100 lease data points. To meet the growing demand of lease extraction efforts, I have a team of certified lease extraction experts and CPAs ready to provide concrete interpretation and recording of key data points and decision criteria.
Throughout my career, I have been responsible for designing complex business models as well as coordinating complex business transactions, SEC external reporting requirements, SAP and ERP integrations, and external audit examinations. Based on my ability to approach lease accounting adoption from a client perspective, I look forward to visiting and discussing solutions for lease accounting adoption.
Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org
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