Lease Accounting
ASC 842 Lease Accounting Standards & Technology Requirements
Earlier this week, I participated on a webinar on the new lease accounting standards. The webinar was given by one of the major accounting firms and was specifically directed at how the new lease standards will impact lessees. One of the polling questions asked of participants during the course of the webinar was whether, in…
Implementing the New Lease Accounting Standard: A Guide
Leases (Topic 842) was issued by the Financial Accounting Standards Board (“FASB”) in February 2016 and represented a rather substantial change in how leases are to be accounted for, especially for lessees. More than 30 months have gone by and the effective date to implement the new standard is fast approaching. The effective date for…
Transition Options for Lease Accounting Standards
The Financial Accounting Standards Board (FASB) has recently taken a significant step in easing the transition to the new lease accounting standard by issuing a proposed Accounting Standards Update (ASU). This proposal offers organizations an additional transition option, which could prove to be a welcome relief for many in the business community. Under this proposed…
Understanding Financial Reporting Disclosures in ASC 842
There has been much focus on the specific calculations required to comply with the proposed leasing standards. However, with the final standard expected to be issued in the fourth quarter of this year, financial statement preparers should also focus on the proposed disclosure requirements. The Financial Accounting Standards Board (“FASB”) and the International Accounting Standards…
ASC 842: Defining a Lease Simplified
The Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”) (collectively, “the Boards”) met earlier this week to continue their deliberations on the Joint Lease Accounting Project. The meeting focused specifically on the definition of a lease and the Boards reiterated the conclusions that they had reached in their Joint Meeting in…
CPA Alert: Tackle Lease Accounting Changes Now
Have you started thinking about how the Lease Accounting changes will impact your clients? We hope so!! We’ve written this free whitepaper for you, a CPA with real-world responsibility to your clients. This whitepaper has been written specifically for you as a CPA to help you better understand the opportunities available for you to add…
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