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Revolutionizing Lease Accounting: AI's Transformative Impact
AI will likely have a significant impact on lease accounting in several ways, as it has the potential to enhance efficiency, accuracy, and compliance. Some possible effects of AI on lease accounting include: Automation of data entry and analysis: AI can process large volumes of lease agreements and extract relevant data points, such as lease…
8 Risks of Using Spreadsheets for ASC 842 Lease Accounting
While spreadsheets are widely used for various tasks in accounting, they may not be the ideal tool for complying with the ASC 842 lease accounting standard. Checkout our video on this topic. The ASC 842 standard, which was introduced by the Financial Accounting Standards Board (FASB), aims to increase transparency and comparability of financial statements…
Unlocking Cloud Lease Accounting & Management Benefits for Property Managers
There are several benefits of a cloud lease accounting and lease management solution for property managers, including: Improved accuracy: Cloud lease accounting and lease management solutions automate the lease accounting process, reducing the potential for human error. This results in more accurate financial reporting and better decision-making. Centralized data: Cloud solutions provide a centralized location…
5 Ways to Streamline Workflows with a Lease Accounting Solution
A lease accounting solution can help minimize workflow in several ways: Automated data entry: A lease accounting solution can automate data entry by importing data directly from lease contracts, eliminating the need for manual data entry and reducing the potential for errors. Centralized lease management: With a lease accounting solution, all lease information can be…
Benefits of a Centralized Contract Management Solution
Centralized contract management solutions in the cloud offer several benefits to organizations, including: Accessibility: With a cloud-based solution, contract information is accessible from anywhere and at any time, as long as there is an internet connection. This enables organizations to manage contracts remotely and provides flexibility to access important information when needed. Efficiency: A centralized…
The Impact of Non-Compliance with ASC 842 Lease Accounting
Non-compliance with the ASC 842 lease accounting standard can have several negative impacts on a company, including the following: Financial statement misrepresentation: Failure to comply with ASC 842 may result in inaccurate representation of a company’s financial position. The balance sheet might not properly reflect the company’s lease liabilities and right-of-use assets, leading to misleading…
Understanding the Relevant Borrowing Rate Under ASC 842
The Accounting Standards Codification (ASC) 842 provides guidelines for lease accounting in the United States. One of the key components of ASC 842 is the determination of the lease liability and lease asset, which is based on the present value of lease payments using the relevant borrowing rate. In this blog, we will discuss the…
Introduction to Lease Accounting: A Comprehensive Overview
Lease accounting is a critical aspect of financial reporting that helps companies manage their leases effectively. It is a method of accounting for the rights and obligations associated with the use of leased assets. Lease accounting is an important topic for businesses, as it can have a significant impact on financial statements and other reporting…
ASC 842: Accounting for Unknown Future CPI Increases
When the future CPI rates are not known, ASC 842 requires lessees to estimate the future CPI rates to account for the CPI increase in rent. The estimate should be based on the best available information, such as historical CPI trends or forecasts provided by credible sources. To account for the CPI increase in rent…
When Is an ASC 842 Lease Modification Required?
Lease modifications can have a significant impact on lease terms, lease payments, and lease liability. With the implementation of the ASC 842 accounting standard, it is important for companies to understand how lease modifications are accounted for to ensure compliance with the new guidelines. In this blog, we will discuss how lease modifications are accounted…
Simplified Accounting for Acquisitions Under ASC 842
Accounting for an acquisition under the ASC 842 Lease Accounting Standard involves several steps, including identifying and evaluating the leases associated with the acquisition, and determining the appropriate accounting treatment for those leases. First, the acquirer must identify all leases that are associated with the acquired entity, including both operating and finance leases. This includes…
ASC 842 Refresher: Key Insights and Updates
The ASC 842 Lease Accounting Standard, also known as Accounting Standards Update (ASU) No. 2016-02, is a set of guidelines established by the Financial Accounting Standards Board (FASB) for accounting for leases. The standard went into effect for public companies in 2019, and for private companies in 2020. The main goal of ASC 842 is…
Simplify ASC 842 Compliance with iLeasePro for CPAs
iLeasePro released a new feature for CPA, Advisory, and Consulting firms to manage and support multiple clients transition and adoption to the ASC 842 Lease Accounting Standard at the click of a button.
iLeasePro Partners with Zeal CRE for One-Stop 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 Integrated ASC 842 Solution
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 to Serve Non-Profits with ASC 842
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 Improved Lease Accounting in 2022
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…
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