Lease Accounting Insights
Expert guidance on ASC 842, lease management, and industry best practices
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iLeasePro Partners with Zeal CRE for ASC 842 Solution
Beverly, MA - iLease Management LLC, developer of the iLeasePro ASC 842 Lease Accounting solution, announced a strategic partnership with Zeal CRE to provide a one stop ASC 842 lease accounting and lease administrative solution for mid-market companies. iLeasePro offers an uncomplicated approach to lease accounting for lessees and tenants of real estate and equipment…
iLeasePro Partners with Acumatica for ASC 842 Integration
Acumatica customers will now have access to an intuitive, cost-effective lease accounting solution that will simply the transition to the FASB ASC 842 standard BEVERLY, Mass.–(BUSINESS WIRE)–iLease Management LLC (“iLease”), developer of the iLeasePro, the cloud-based ASC 842 Lease Accounting solution announced today it has joined the Acumatica Development Network. “With this exciting partnership, Acumatica…
iLeasePro Partners with JMT Consulting for ASC 842 Non-Profit Support
JMT Consulting partners with iLeasePro to provide a cloud-based ASC 842 lease accounting and management technology solution to nonprofits. Nashville, TN: JMT Consulting today announced a new partnership with iLeasePro. This new partnership will give JMT’s clients access to a cloud-based lease accounting and management technology solution. John Meedzan, Managing Partner, said, “Prompted by the…
Why Spreadsheets Are Not Ideal for Managing Leases Under ASC 842
The FASB and the IASB (“the Boards) held a joint meeting on October 22, 2014 to continue deliberating the proposals in the May 2013 Exposure Draft, Leases. The discussion centered exclusively on the definition of a lease and, for the most part, reiterated the tentative conclusions that had been previously discussed. The Boards indicated that a…
How FASB ASC 842 Transformed Lease Accounting
The FASB Accounting Standards Update (ASU) for topic ASC 842, Lease Accounting, became effective at the end of 2021 for all reporting periods after December 15, 2021. This standard introduced significant changes across various industries. With the standard now in effect, public and private companies had to ensure compliance with the new accounting guidelines. The…
The Impact of ASC 842 Lease Accounting on the Hospitality Industry
The ASC 842 Impact to the Hospitality Industry whitepaper dives into the details and offers an example of what one might consider a typical situation may the best way to demonstrate the effect on the financial statements of the provisions in ASC 842 versus current GAAP accounting requirements.
Transitioning Equipment Leases to the ASC 842 Standard
If you’re a business owner or a professional responsible for managing commercial equipment leases, you understand the complexities and challenges that come with lease management. Handling multiple leases, various lease types, and ensuring compliance with new lease accounting standards can be overwhelming. While you may not have the time to become a leasing expert, you…
Tax Implications of ASC 842 Lease Accounting Standards
The FASB ASC 842 Lease Accounting changes, which became effective at the end of 2021 for all reporting periods after December 15th 2021, haven’t just changed how leases are handled in books, but also the tax implications that may come along with it. Read more to understand the potential areas to focus in on..
iLeaseXpress Recognized in Accounting Today's Top Lease Products
We are thrilled to announce that iLeaseXpress, the cloud-based lease accounting solution from iLease Management LLC, has been recognized with an Honorable Mention in the Lease Accounting Tools category as part of the prestigious 2022 Top Accounting Products by Accounting Today. This accolade is a testament to our commitment to providing top-notch solutions to companies…
Framework for CPA Clients to Implement ASC 842 Solution
Understand ASC 842: The first step, which is the most challenging, is understanding the requirements of ASC 842. It is a radical departure from past practice. Clients must grasp changes in the definition of a lease, lease payments, initial direct costs, lease term, discount rates, and allocation of consideration to lease and non-lease components. Lease…
When Lease Accounting Software May Not Be Ideal
While lease accounting software can be highly beneficial for many businesses, there are some types of businesses that might not be good candidates for this software. These include: Sole proprietorships or very small businesses: Businesses with a single owner-operator and minimal or no employees may not have enough leasing activities to justify the cost of…
Which Businesses Benefit Most from Lease Accounting Software?
A company with more than ten active leases must consider a lease accounting solution. The new accounting standard requires more sophisticated financial calculations and detailed monitoring and tracking of leases. Companies will find it extremely challenging to use spreadsheets for lease accounting because of the following limitations of spreadsheets: Lack of ability to track changes: One cannot track changes in spreadsheets. Employees can deliberately or inadvertently overwrite spreadsheet data. Therefore, spreadsheets do not meet internal…
Meet iLeaseXpress: Affordable ASC 842 Compliance
Navigating the complexities of the ASC 842 lease accounting standard can be a daunting task, especially for private companies with smaller lease portfolios. That’s where iLeaseXpress comes to the rescue, offering a user-friendly, cloud-based lease accounting solution designed specifically for these organizations. Tailored for Private Companies: iLeaseXpress is tailored to meet the needs of…
CPAs: Transitioning Clients to the ASC 842 Lease Accounting Standard
Lease accounting has indeed undergone significant changes with the implementation of ASC 842 Lease Accounting Standard, and it is essential for accountants, business owners, and professionals involved in financial reporting to understand and adapt to these changes. The ASC 842 standard was introduced to improve financial transparency and ensure that leases are appropriately reflected on…
ASC 842: Key Dates and Transition Strategies
FASB has offered several reliefs to organizations transitioning, which also includes shift of transition dates from December 31st, 2019 to December 31st, 2021. In this article, we will take a closer look at those effective dates and the transition approaches companies have at their disposal.
Summary of Lease Discussions from the 12/2 FASB Meeting
TENTATIVE BOARD DECISIONSTentative Board decisions are provided for those interested in following the Board’s deliberations. All of the reported decisions are tentative and may be changed at future Board meetings.December 2, 2020 FASB Board MeetingPost-implementation Review:Accounting Standards Update No. 2016-02, Leases (Topic 842). The Board discussed feedback received to date during the post-implementation review (PIR) of Update 2016-02….
Impairment of Leased and Right-of-Use Assets Explained
The recent changes in ASC 842 along with the Coronavirus pandemic have come together to unleash a plethora of chances in how leased assets are treated – not just for the lessee but for the lessor as well. One significant impact of the two happenings is that leases need to be recorded as a liability and a…
COVID-19's Impact on Lease Accounting Under ASC 842
As the world continues to grapple with an invisible enemy, our daily lives aren’t all that have been impacted. Companies as a whole have been unable to collect or pay rent on their leased assets, while the changes in ASC 842 have meant that lease accountants all over the globe following GAAP have had to go through their books thoroughly…
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