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The Equipment Finance Industry has grown to over $1 Trillion in the U.S. with over 5 million Websites according to Google. Understandably, it can be difficult identifying and evaluating the resources you need using Traditional Search Engines. This is where the largest equipment finance community on the Web can help...

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Summit Funding Group

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Summit Funding

Since our inception in 1993, Summit Funding Group, Inc. has amassed a high performing portfolio in excess of $3 billion in equipment lease and finance originations and a history of working with companies of all sizes and most industries.

Contact: Richard Ross - 513.489.1222
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Get ready for FASB’s lease accounting rules


When it comes to the hottest accounting issue for banks, the Financial Accounting Standards Board’s upcoming current expected credit loss (CECL) standard is typically what comes to mind. But there is another issue on the horizon: the updated lease accounting standards.

Earlier this year, FASB issued the update to improve how banks report and track their leases. The approach was to take the information, which has been historically considered “off balance sheet,” and record these items directly on the financial statements.

How things will change

The talks around reevaluating this standard date back to 2006 and it’s been easy to tune out that conversation. However, the new standards will be here before you know it. (Jan. 1, 2019, for public companies, Jan. 1, 2020, for private companies).

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