The Alta Group Consultants Respond To FASB Accounting Rules That Will Change How Leasing Companies Manage
FOR RELEASE MAY 25, 2010
RENO, NEV., MAY 25, 2010--The Alta Group, a global consulting firm, announced today it has launched a practice focused on helping the $600 billion equipment finance industry cope with the upcoming changes to the lease accounting rules. Headed by Shawn Halladay, an Alta principal, educator and noted expert on lease accounting, the division will focus on accounting compliance and implementation.
Alta’s worldwide capabilities uniquely position it to address these new rules, which are being proposed by both the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board. The new division will be backed by the full team of management consultants who comprise The Alta Group, which has exclusively served the equipment leasing and finance industry since 1992.
Little information has been available to date on how equipment leasing companies will need to adjust to conduct business under the upcoming guidelines, Halladay said, but the current direction of the standard-setters will have a profound effect on lessors’ business activities, financial statement presentation, financial metrics, internal controls, and lease accounting systems. Lessors will need to revamp risk and asset management strategies, accounting processes, corporate governance, and even marketing and sales approaches to continue creating value for their customers.
Alta’s new division will create value for its clients by helping them understand the new lease accounting rules, design customer strategies, develop appropriate business processes, maximize revenue recognition, and assess and implement needed system changes.
The Alta Group, LLC, is a global consultancy serving equipment leasing and finance companies, investment professionals, manufacturers, banks, and government organizations. Founded in 1992, The Alta Group supports clients in North America; Latin America; Western, Central and Eastern Europe; Australia; and China. For more information, please visit http://www.thealtagroup.com