Christopher L. Stout, CPA, a Partner of RRBB Accountants and Advisors, presented to the Somerset County Business Partnership (SCBP) Financial Services Interest Group (FiSIG). He spoke about the new lease accounting standard, FASB Topic ASC 842, Leases.

“Business owners must become aware of this new standard and speak with an accountant to stay in compliance with U.S. GAAP,” said Chris. Even more, Chris Edwards, President and CEO of the SCBP added, “Members of the Somerset County financial services industry are grateful to be part of a community where we can learn from each other.”

About FASB Topic ASC 842, Leases

The required adoption of Financial Accounting Standards Board (FASB) Topic ASC 842, Leases, could result in significant challenges. That is, especially for private companies to comply with the new standard. It could also impact key financial ratios and bank covenants after the adoption. Chris discussed the changes brought on by the new FASB lease accounting standard and how private companies should be preparing. He also highlighted the accounting and financial reporting requirements required to comply with the new accounting standard under U.S. GAAP, best practices for adoption, and some exceptions allowable for private companies to make the transition less cumbersome.

About the Somerset County Business Partnership Financial Services Interest Group

The SCBP aims to foster connections between the private, public, and nonprofit sectors within Somerset County to create a better place to live, work, play, and learn. In addition, the Partnership assists in growing local businesses and working with them to achieve their mission of building a prosperous and sustainable future.

FiSIG educates SCBP members and the local community on issues affecting their personal and professional financial lives. The group addresses economic and legislative issues that impact profitability, shares best practices, and offers educational workshops.

About Chris Stout

A resident of Flanders, Chris is a member of the RRBB Assurance Department and its SEC Practice Group. His areas of expertise include coordinating and performing financial statement audits in accordance with the auditing standards of the Public Company Accounting Oversight Board (PCAOB) and the American Institute of Certified Public Accountants (AICPA). Chris also has extensive experience performing Sarbanes-Oxley 404 audits and is a member of the firm’s Quality Control Department.

Before joining RRBB in August 2017, Chris was a Senior Manager at a “Big 4” accounting firm. While there, he focused on performing audits of publicly traded and private companies in the life sciences, manufacturing, chemicals, and software industries. Chris received his M.S. in Accounting in 2009 and his B.S. in Business Administration in 2008 from American University. During his time at American University, he was a member of the NCAA Division I Wrestling Team.