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Chris Dubrowski, a partner at Deloitte LLP, joined REIT.com for a video interview at REITWise 2016: NAREIT’s Law, Accounting and Finance Conference at the Marriott Marquis in Washington, D.C.
Dubrowski said the Financial Accounting Standards Board (FASB) is working to address differences between how acquisitions of operating properties are treated domestically and internationally.
Tom Wilkin, partner at PwC, joined REIT.com for a video interview at REITWise 2016: NAREIT’s Law, Accounting and Finance Conference at the Marriott Marquis in Washington, D.C.
Wilkin discussed the impact of the Financial Accounting Standards Board’s (FASB) new lease accounting standard. Issued in February, the new standard will not have a significant impact on lessors, Wilkin said: “Landlords are to a large extent unaffected.”
Serena Wolfe, partner at professional services firm EY, joined REIT.com for a video interview during REITWise 2015: NAREIT’s Law, Accounting and Finance Conference held in Phoenix.
Wolfe commented on the possibility of reaching global convergence on accounting standards.
“We as a firm are fully supportive of a single set of high-quality financial standards that are applied globally,” she said. “I think we are moving towards that.”
Chris Dubrowski, partner at Deloitte LLP, joined REIT.com for a video interview during REITWise 2015: NAREIT’s Law, Accounting and Finance Conference held in Phoenix.
Dubrowski outlined how companies are preparing for the new revenue recognition standard issued by the Financial Accounting Standards Board (FASB). He acknowledged the difficulty in understanding new rules until they are applied to actual transactions. “I’m telling people to think about the different ways you recognize revenue within a REIT and think about whether those might be impacted,” he said.
Kimber Bascom, partner in the KPMG Department of Professional Practice, joined REIT.com for a video interview during REITWise 2015: NAREIT’s Law, Accounting and Finance Conference held in Phoenix.
Bascom downplayed concerns that the new leases standard will end leasing activity.
“There are many good reasons why leasing activity will continue to go on even after the accounting standards change,” he said.
Sam Melehani, partner at PwC, joined REIT.com for a video interview during REITWise 2015: NAREIT’s Law, Accounting and Finance Conference held in Phoenix.
Melehani commented on two recent developments at the state level regarding the taxation of REITs. First, he noted that proposed legislation in Hawaii to abolish the dividends paid deduction for REITs has been deferred, pending further study. “Hopefully they’ll decide that there’s a lot more benefit to the REIT than that they get a dividends paid deduction,” he said.
Bob Lehman, partner and global REIT head at accounting and advising firm EY, joined REIT.com for a video interview during REITWise 2014: NAREIT’s Law, Accounting and Finance Conference held in Boca Raton, Fla.
Lehman reviewed recent developments at the Public Company Accounting Oversight Board (PCAOB), the private sector body that oversees the auditors of U.S. public companies.
Tom Wilkin, real estate partner with accounting firm PwC, joined REIT.com for a video interview during REITWise 2014: NAREIT’s Law, Accounting and Finance Conference held in Boca Raton, Fla.
Wilkin was asked about the progress made by standard setters at the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) to converge financial reporting requirements.
