ECS Financial Services is proud to announce that Shareholder Nancy Geary, CPA, CLFP, has been featured in the March/April issue of the National Equipment Financing Association’s (NEFA) bi-monthly publication, Newsline Magazine. Ms. Geary’s featured article discusses the upcoming US Financial Accounting Standards Board (FASB) changes that have begun taking shape and that will continue to evolve in the coming future. The article also discusses what it means for the leasing industry, and how those in the industry can prepare for the impending changes.
In the article, Ms. Geary outlines the forthcoming changes that will be brought about by the FASB and discusses the ramifications of these changes on the leasing industry. Ms. Geary also goes into detail about what those in lease accounting can do to get ahead of the future effective dates, and emphasizes the importance of having a plan in place to not only transition their current portfolio to the new standard, but also to update their policies, procedures, and onboarding materials.
“NEFA is a prestigious association in the equipment financing world,” said Sam Oliva, CEO, ECS Financial Services. “We are proud to have Ms. Geary and ECS Financial Services represented as thought leaders by the association that represents the equipment leasing industry to which we cater our specialized equipment financing accounting services.”
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NEFA sought out ECS Financial and Ms. Geary because of the firm’s expertise in financial services, specifically in the equipment financing and leasing industries. The firm’s five decades of experience have proven their expertise in their field, making them an ideal place to turn to for expert writers. Ms. Geary’s background as a Certified Public Accountant (CPA) and a Certified Lease and Finance Professional (CLFP), combined with her more than 20 years in the financial industry, made her a model choice to write on the topic of lease accounting.
“I am thrilled to have been asked to write for Newsline,” said Ms. Geary, ECS Financial Services Shareholder. “I wanted to not only address the FASB changes that will be coming in the next few years, but also emphasize what companies need to consider in order to prepare. It is important that companies take the time to thoroughly understand the changes. Second, they should also not wait until the last minute to plan their implementation, even though these new guidelines may seem a ways off.”