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In this edition of Weaver: Beyond the Numbers, Weaver’s Partner-in-Charge of Real Estate Services, Howard Altshuler, spoke about how different the FAS 66 was prior to the new guidance saying that, “FAS 66 had prescriptive requirements that would enable a company to recognize revenue on a real estate sale.
On this episode of Weaver Beyond the Numbers, Real Estate Edition, Howard Altshuler, Partner-in-Charge, Real Estate Services for Weaver and Rob Nowak, Partner, Tax Services for Weaver were joined by Andy Freundlich, Partner, Assurance Services for Weaver for a lively discussion on risk assessment and management in real estate.
Weaver's professionals walk through the exciting changes and the most common pitfalls to avoid under the FASB lease accounting standards, detailing which industries will be affected the most, how the standards have an impact beyond financial reporting, and more simply, defining what will now be considered a lease.