The Philadelphia Mastermind Group was treated to an opportunity to learn from Members Kelly Mulhearn and John Lusska of EisnerAmper about the new leasing standard that will be taking effect for private companies in January 2021. They discussed the differences between finance leases and operating leases and showed the complications that might arise as companies transition to the new standard. They also discussed debt covenants and talked about potential waivers for small businesses. They stressed the importance of being prepared for the changes in advance and emphasized that making the adjustments will be a time-consuming process in many cases, urging everyone to be aware and to get prepared.