Lease Accounting Insights
Expert guidance on ASC 842, lease management, and industry best practices
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ASC 842 Lease Standard: Understanding Executory Costs
One of the areas of the new lease standard that has not received that much attention is executory costs. However, as lessees consummate new leases that must be transitioned into the new standard, this is an area that should not be overlooked. Executory Costs that Transfer a Good or Service The new lease standard only…
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…
Sage Intacct & iLeasePro Unveil Major Integration Enhancement
iLease Management LLC (“iLease”), developer of iLeasePro, an enterprise cloud-based Lease Management and Accounting solution, has announced a major step forward in its strategic partnership and integration with Sage Intacct, a leader in cloud-based financial management and accounting software. iLease has released the capability to take advantage of Sage Intacct’s dimension feature to seamlessly track…
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…
The New Lease Accounting Standard: Evolving Record-Keeping Practices
The implementation of the new lease accounting standard, ASC 842, represents a pivotal moment in the world of finance and accounting. While its primary objective is to enhance transparency and comparability in financial reporting, one aspect that demands attention is how record-keeping practices will evolve under this comprehensive standard. 1. Enhanced Visibility: One of the…
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 Lease Standards in Governmental Accounting (GASB)
In June 2017, the Governmental Accounting Standards Board (“GASB”) issued Statement No. 87 – Leases which establishes new accounting standards to be applied to all lease transactions for state and local governments. The Standard is effective for fiscal periods beginning after December 15, 2019 with earlier application encouraged. The governmental standard follows most of the…
iLeasePro Launches Subsidiary and Operating Entity Features
The Subsidiary function within iLeasePro offers a powerful solution for corporations with complex organizational structures, encompassing multiple subsidiaries. This feature streamlines lease portfolio management by enabling the centralization of all lease data on a single iLeasePro platform, regardless of how many subsidiaries are involved. One of the key advantages of this function comes into play…
iLeasePro's LinkedIn Group on Lease Accounting Continues to Grow
The growth and engagement in the LinkedIn group, FASB and IASB Lease Accounting Changes, is indeed a testament to the increasing awareness and significance of lease accounting changes. With nearly 500 members actively participating in discussions, the group has evolved into a vibrant hub for professionals looking to navigate the complexities of these accounting standards…
New Lease Accounting Guidance Released
The Financial Accounting Standards Board (“FASB”) issued the new lease accounting standard on February 25, 2016. As it pertains to lessees, the new standard requires that the liability for all leases (except narrowly defined short-term leases) must be recognized on the balance sheet of a lessee at the discounted present value of future lease payments…
FASB Finalizes Lease Accounting Standards
In a highly anticipated move, the Financial Accounting Standards Board (FASB) is gearing up to unveil its long-awaited lease accounting standard. According to a report from Bloomberg BNA, the release is scheduled for Thursday, February 25, 2016, marking a significant turning point in the realm of accounting and financial reporting.
FASB Set to Release Lease Accounting Standard
Exciting developments are underway in the world of U.S. lease accounting as the Financial Accounting Standards Board (FASB) gears up to issue new rules that promise to have far-reaching implications for the balance sheets of numerous companies. According to sources within the FASB, it is anticipated that these groundbreaking lease accounting standards will be officially released in the last week of February.
IFRS 16: Guide to Lease Accounting
On January 13, 2016, the International Accounting Standards Board (“IASB”) issued International Financial Reporting Standard 16 Leases (“IFRS 16” or “the Standard”) substantially changing the manner in which lessees account for leases. IFRS 16 is effective for annual periods beginning on or after January 1, 2019. The Financial Accounting Standards Board is expected to issue…
IASB Set to Release New Lease Standard
The anticipation surrounding the new lease standard is reaching its zenith. As per information from the Massachusetts Society of CPAs, it is expected that the International Accounting Standards Board (IASB) will officially release the new lease standard on January 13, 2016, which is just around the corner – next Wednesday. Coinciding with this, it is…
Effective Date of the Lease Accounting Standard
In a pivotal decision made during its meeting on November 11, 2015, the Financial Accounting Standards Board (FASB) took a significant step towards revamping lease accounting practices. The Board, during this meeting, gave its in-principle approval for proposed changes to lease accounting standards, signaling a shift in how organizations will account for leases in the…
October 2015 Update on Lease Accounting Changes
The lease accounting project is getting much closer to finalization. At its October meeting, the Financial Accounting Standards Board (“FASB” or “the Board”) discussed the comments received as a result of an external review of the latest draft document. Although a significant number of comments were received, the Board made few changes to the proposed…
iLeasePro: Empowering the Middle Market with Technology
The October 6, 2015 edition of the Wall Street Journal contained a Journal Report dealing with the biggest opportunities and threats that Middle Market companies face. In what may be surprising to many, the WSJ defines Midsize Companies as those that have revenues between $10 million and $1 billion (these are companies of substantial size and one of the fastest growing sectors in the economy).
Technology Performance Attributes in iLeasePro Lease Management
Most measures of productivity are presented in the form of Key Performance Indicators (“KPIs”). However, we at ILeasePro believe that there are other performance attributes which may not be quantifiable in the sense of KPIs but are equally important to consider in making a selection of a technology solution. When we designed iLeasePro, we considered…
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