This past September, a few members of the GSG Financial team went to the ELFA Emerging Talent Advisory Council’s (ETAC) meet and greet. The session included a panel of veterans from the leasing industry representing different aspects of the business. The topic of conversation was how to communicate with millennials, and how to get the next generation interested in leasing. There was a representative from a bank, a small finance company, and a large finance company. The panel was very well versed in millennial relations, and how to communicate and relate to the successors of the financing industry.
Dialogue in the equipment finance industry is heating up on the topic of managed services, bundled payments and financing agreements tied to usage models. Some people call them consumption agreements, cost per use or managed solutions.
On February 25, 2016 the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) regarding accounting procedures for leasing transactions. The goal of this update is to improve financial reporting in the leasing industry. This update will affect all companies and organizations that lease assets. Early application of this standard is permitted for all organizations, but the ASU will take effect for public companies for fiscal years beginning December 15, 2018. For private companies, the effective date will be December 15, 2019.