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Accounting for leases and changes in real estate due to COVID-19
Publication date: 22 Dec 2020
us Podcast
Hear PwC leasing specialists answer common questions related to lease accounting issues in the current environment.
A lot has happened this year that impacts leasing arrangements and your financial statements. In this timely episode, host Heather Horn is joined by Chad Soares and Marc Jerusalem to talk about some of the lease accounting issues in the commercial real estate area that are top-of-mind for companies in the current environment.
Topics include:
- 0:56 - Rent concessions. We begin with a refresher on the relief provided by the FASB and cover some common lessee/lessor questions when applying the new guidance.
- 15:19 - Lease abandonment. As a result of the pandemic, many companies are reassessing their real estate footprint and reconsidering their needs for leased space going forward. We discuss what companies should be thinking about when it comes to subleases and abandonments.
- 25:29 - Partial terminations. Many companies are looking for ways to cut costs, including modifying but not completely terminating a lease. We explain the accounting for partial terminations.
- 28:01 - Lasting impacts. Companies will likely rethink how some provisions are drafted in future agreements. We discuss lease negotiations and the accounting going forward.
About our guests
Chad Soares is a partner in PwC's National office focused on leasing and financing arrangements. He was a primary author of PwC’s lease accounting guide and contributes to a variety of thought leadership related to leasing and financial instruments.
Marc Jerusalem is a director in PwC’s National office specializing in leasing. As a leasing specialist, Marc consults with clients on complex lease accounting issues and is a contributor to many related PwC National office publications.
About our host
Heather Horn is PwC’s National office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With nearly 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.
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