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Introduction to Lease Accounting: A Complete 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: Managing Future CPI Increases in Accounting
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…
ASC 842: When to Modify a Lease Agreement
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: 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 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…
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