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Taking Care of Business Series

Changes to Operating Leases and Their Impact on Business Operations

Tuesday, December 6 2022 | 12:00 PM CT

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What You’ll Learn

For private companies and non-profit organizations, your 2022 and later financial statements will show a significant change in how your operating leases appear. This change will improve financial reporting and transparency of leasing obligations. You’ll see these changes on the balance sheets and footnotes if you require a financial statement. Because of these changes on the balance sheets, you may need to reevaluate covenants. Matthew Luckman, CPA, will walk through what these changes mean for your business and what action business owners need to take.



Matthew Luckman
CPA, JAK + Co.

As youngsters, we often look to the adults in our lives for inspiration. Matt didn’t have to look far—his neighbor was a partner at JAK + Co. He’s convinced this early look at CPA life, coupled with sage advice from his parents, inspired him to declare accounting as his college major. (It also didn’t hurt that he excelled in his accounting courses.) Following graduation, he joined JAK + Co. as a junior staff member in 2006.

Not surprisingly, Matt’s role in the firm has expanded over the years. At the moment, he is a director of the attest and tax-only engagements for both businesses and individuals. He’s like a hawk when it comes to looking out for his clients’ best interests, but he rarely gets flustered—despite the profession’s notorious deadlines. It’s hard to feel stressed when you’re doing what you love, he explains.

Matt especially appreciates JAK + Co.’s emphasis on work-life balance because it allows him to spend plenty of time with his wife, Ann, and their children Alina, Gunther, and Dietrich. They like to be outdoors and can usually be found working in their multiple gardens or on a walk around the neighborhood.

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