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Richard Ross / 513.489.1222
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.

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    Breaking News

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Ralph Petta - ELFA - The Silver Lining of Lease Accounting: What Organizations Should Know About Leasing Standards
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Ralph Petta

Ralph Petta is the President and CEO of the Equipment Leasing and Finance Association (ELFA), the trade association that represents companies in the equipment finance sector.

New rules for lease accounting approved by the Financial Accounting Standards Board (FASB) went into effect for financial periods starting after Dec. 15, 2018 for public companies, after Dec. 15, 2019 for private companies, and with a modified application for any other financial period presented.

As is often the case with change, many organizations transitioning to the new accounting standard, known as Accounting Standards Codification Topic 842 (ASC 842), have questions and concerns about how it will affect their current leases and future equipment financing decisions. As of January 2019, only four percent of public companies report their ASC 842 implementation is complete and 63 percent of non-public companies had not yet completed the initial ASC 842 assessment phase, according to a Q4 2018 survey by PwC. An examination of the impacts of ASC 842 shows that not only are many of the lease accounting changes relatively neutral, there is actually a silver lining with numerous positive impacts.

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