N EWS Honoring an Industry Leader and Member of Congress ELFA members and staff congratulate Rep. John Delaney (D-MD), who was named Citizen of the Year by the National Capital Area Council of the Boy Scouts of America. In 2000, Delaney cofounded ELFA member company CapitalSource. Pictured L-R: Lou Vigliotti and Bob Blee, GE Capital Markets Group; Ralph Petta, ELFA; Rep. Delaney; Woody Sutton, ELFA; Marjorie Krumholz, Thompson Coburn LLP; and Eddie Gross, Vedder Price P .C. Access Conference Recordings and Handouts critical and relevant information presented by some of the most knowledgeable people in the industry. If you miss an event, the ELFA Conference Resource Center lets you be-come a virtual attendee, providing access to session hand-outs, speaker bios and session recordings for many events, including Equipment Management, Legal Forum, Credit and Collections, Operations and Technology, Lease and Fi-nance Accountants and the Annual Convention. To browse the available meetings and purchase access, go to http://elfa. sclivelearningcenter.com and look under Featured Events. Questions? Contact Alexa Carnibella at acarnibella@elfaon line.org or 202.238.3416. 4 JANUARY/FEBRUARY 2015 EQUIPMENT LEASING & FINANCE MAGAZINE Lease Accounting Project Moves Forward WORK REMAINS on the lease accounting project under way ELFA BUSINESS DEVELOPMENT CONFERENCES are full of by the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB). Cur-rently, the FASB is siding with the position of the industry and ELFA on critical recognition and financial reporting matters, particularly on lease expense in the P&L. However, it remains to be seen what form the final rules will take. The Boards have critical meetings scheduled in the first quar-ter of 2015. A final standard is not anticipated until later in the year, with a possible effective date of 2018 or later. ELFA continues to closely monitor the project and provide useful information and input to the Boards as they seek to finalize the new rules. For updates, visit the Lease Accounting page at www.elfaonline.org/Issues/Accounting/ .