AccountLease™ Articles, News, Press Release

AccountLease™ selects LeaseCrunch® as software platform for healthcare engagements

| April 20, 2019

AccountLease is a strategic alliance between CPA firm Swenson Advisors and Cresa San Diego

MILWAUKEE – LeaseCrunch, the only lease accounting software made by former CPA firm auditors for CPA firm auditors, today announced that AccountLease will use their software platform to serve clients. 

Swenson Advisors LLP and Cresa San Diego launched AccountLease as a comprehensive solution designed to address the new lease accounting standards, which require companies to record substantially all real estate, equipment leases, and leases embedded in service agreements as assets and liabilities on their balance sheets starting as early as 2019 for publicly traded companies.

“We are pleased to be working with AccountLease, helping their clients navigate the new lease accounting reporting requirements,” said Ane Ohm, Co-Founder and CEO of LeaseCrunch.

Steve Austin, Managing Partner at Swenson Advisors, has been at the forefront of the new lease standard and led one of the first new lease accounting implementations in 2017. “LeaseCrunch is designed to accommodate the needs of companies with large, complex portfolios, while still being a cost-effective solution for companies with as few as 1-5 leases, who most likely have an office lease material enough requiring full implementation,” said Austin. “AccountLease is implementing LeaseCrunch at a major health system that has over 4,000 leases in their portfolio and a big reason for that was LeaseCrunch’s ease-of-use.  This project joins several Integra International firms, led by KSDT in Miami to provide a comprehensive team of specialists.”

“LeaseCrunch wants to help CPA firms enhance client relationships by providing essential features and innovative solutions through a simple interface,” said Ohm.… Read More

Client Spotlight

Client Spotlight: Baptist Health

| April 13, 2019

Baptist Health South Florida, Inc. (BHSF) is a not-for-profit Florida corporation located in Miami-Dade County, Florida. BHSF is the largest healthcare organization in the region, owning and controlling more than 350 properties, including 10 hospitals as well as outpatient, surgery and rehabilitation facilities, express and urgent care centers, diagnostic imaging and endoscopy centers, and sleep centers. BHSF has approximately 19,500 employees plus more than 3,500 physicians.

In 2016, the Financial Accounting Standards Board issued ASU 2016-02, Leases (Topic 842) to dramatically change accounting requirements for leases. In order to interpret, analyze and comply with the new reporting standards relative to its leases, BHSF engaged a team consisting of Swenson Advisors, KSDT & Co., a financial accounting and advisory firm in South Florida, and the commercial real estate firm Cresa, San Diego.

KSDT, Cresa and Swenson Advisors are very pleased to have the opportunity to support BHSF in this project and to be able to offer expert resources to streamline the process and facilitate BHSF’s achieving compliance with the new standards.

News, Press Release

Swenson Advisors Welcomes Joel C. Colbourn, MBA to the AccountLease™ Team

| April 2, 2019

Joel Colbourn has joined Swenson Advisors as Lease Accounting Director based in our San Diego office.

Joel is a finance/treasury professional with more than 20 years of experience directing accounting and finance operations in global organizations. His experience covers various industries including aerospace and defense, technical services and solutions, technology, and consumer products.

Previously, Joel was a Consultant for Resources Global Professionals from 2015-2018. Prior to that, he served as VP & Treasury Director for Credit and Compliance Initiatives and as VP & Assistant Treasurer for Science Applications International Corporation (SAIC). Past experience also includes Assistant Treasurer for Teledyne, Inc., VP of Finance & Chief Financial Officer for Van de Kamp’s Holland Dutch Bakers, and Audit Manager/Senior Manager for Ernst & Whinney (now Ernst & Young).

Joel received his MBA in Accounting from the University of Southern California’s Marshall School of Business, BS in Finance and Accounting from the University of California, Berkeley and CPA from the State of California.

AccountLease™ Articles, News

Practical Considerations for Lease Accounting

| November 21, 2017

By Steve Austin, Firm Managing Partner of Swenson Advisors  | Originally posted on: www.journalofaccountancy.com

On the heels of a transformative and challenging revenue recognition standard, FASB’s new lease accounting standard presents a potential tsunami of changes to the financial statements of public and private companies.

In February 2016, FASB issued new lease accounting guidance in Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). This new guidance was initiated as a joint project with the International Accounting Standards Board to simplify lease accounting and improve the quality and comparability of financial information for users. The IASB also issued guidance in IFRS 16 during January 2016.

This new guidance eliminates the historical concept of off-balance-sheet treatment for “operating leases” for lessees for the vast majority of lease contracts. Under ASU No. 2016-02 (Topic 842) and IFRS 16, at inception, a lessee is required to classify all leases with a term of more than one year as either finance or operating leases, with both classifications resulting in the recognition of a defined “right of-use” asset and a lease liability on the balance sheet.

These lease accounting changes are substantial and will require in many cases a significant investment of time and effort. These practical considerations can help entities as they implement the new standard:

  • A defined strategy and timeline will help an organization comply with the standard in time to meet the implementation deadline. Good project management and planning is paramount.
  • More time and effort will be required than most companies anticipate.
… Read More
AccountLease™ Articles, News

New FASB Lease Accounting Standards Impact US Businesses in China

| August 10, 2017

By Steve Austin, Firm Managing Partner of Swenson Advisors  |  Originally posted on www.china-briefing.com

US-based businesses with subsidiaries in China need to prepare financial statements that are consistent with US Generally Accepted Accounting Principles (GAAP) and the new Financial Accounting Standards Board (FASB) lease accounting standards.

While Chinese subsidiaries need to file financial statements consistent with China GAAP, often these financial statements need to be translated to US GAAP. Recent International Accounting Standards Board (IASB) standards have also changed the way leases are recorded in the financial statements in line with the new US GAAP standards.

The new lease accounting guidance

In February 2016, the FASB issued new lease accounting guidance [ASU No. 2016-02, Leases (Topic 842)]. This new guidance was initiated as a joint project with the IASB to simplify lease accounting and improve the quality of and comparability of financial information for users. The IASB also issued guidance in IFRS 16 during January 2016.

This new guidance eliminates the historical concept of off-balance sheet treatment for “operating leases” for lessees for the vast majority of lease contracts.

Under ASU No. 2016-02 (Topic 842) and IFRS 16, at inception, a lessee must classify all leases with a term of over one year as either finance or operating leases, with both classifications resulting in the recognition of a defined “right of-use” asset and a lease liability on the balance sheet.

However, recognition on the income statement will differ depending on the lease classification: finance leases recognize the amortization of the right-of-use asset separate from interest expense for the lease liability while operating leases recognize a single total lease expense.… Read More