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Lease Accounting Project – February 2015 Update
The Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”), collectively (“the Boards”) met separately in February 2015 and substantially concluded their redeliberations on the proposed changes to lease accounting. The Boards came to different conclusions on a number of matters. Regarding lessee transition to the new accounting standard, the FASB decided…
The Proposed Lease Accounting Changes – Effect on Retailer
The Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”) (collectively “the Boards”) are in the process of completing a major Joint Accounting Project which will dramatically change the way that lessees account for their portfolio of leases. The objective of the Boards’ Joint Project was convergence on lease accounting, namely, an…
Recap of December 16, 2014 Joint FASB/IASB Lease Accounting Board Meeting
The topic of leases has been an ongoing point of discussion for the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). They have been diligently revisiting the proposals outlined in the May 2013 Exposure Draft on Leases, with a particular focus on refining the definition of what constitutes a lease. During…
Definition of a Lease
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…
How To Get Started Preparing For The Lease Accounting Changes
The Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”) are proposing major changes in the accounting for leases for both lessees and lessors, with the major emphasis being directed to the lessee community. The result of these changes will be the elimination of the operating lease form of accounting, except for…
Effective Use of Technology For Lease Management
Lessees often underestimate the transformative power of technology when it comes to effectively managing their lease portfolios. Within the complex landscape of lease agreements, there are frequently option features and triggering events buried in the fine print that demand vigilant monitoring. Relying on outdated methods such as Excel spreadsheets or paper files stashes in cabinets…
FASB Meeting on August 27, 2014 – Lease Project Update
The Financial Accounting Standards Board (“FASB” or “the Board”) met on August 27, 2014 to deliberate the proposed lease accounting standard project. Although this is a joint project with the International Accounting Standards Board (“IASB”), this was a FASB only board meeting.
July 23, 2014 Joint Board Meeting
On July 23, 2014, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB), collectively referred to as the Boards, convened to advance discussions regarding their Joint Proposal on Lease Accounting. These discussions, primarily focused on lessee accounting issues, delved into the intricacies of accounting for sale and leaseback transactions, shedding light…
CPA Call to Action - Confronting the Lease Accounting Changes
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…
Implications of Lease Accounting Changes to the Banking Industry
We’ve written this free whitepaper for bank executives with real-world responsibility. We’ve all seen endless hypothetical blather about the proposed lease accounting changes - but most of it is generic…for someone with a lease. So we created a fully researched and documented deep dive into the specific implications to banks. It covers topics that aren’t…
October 22, 2014 Joint FASB and IASB Meeting
We’ve written this free whitepaper for bank executives with real-world responsibility. We’ve all seen endless hypothetical blather about the proposed lease accounting changes - but most of it is generic…for someone with a lease. So we created a fully researched and documented deep dive into the specific implications to banks. It covers topics that aren’t…
Whitepaper: Implications of Lease Accounting Changes to the Banking Industry
We’ve written this free whitepaper for bank executives with real-world responsibility. We’ve all seen endless hypothetical blather about the proposed lease accounting changes - but most of it is generic…for someone with a lease. So we created a fully researched and documented deep dive into the specific implications to banks. It covers topics that aren’t…
Aligning Numbers When Comparing Multiple Leases During Lease Negotiation
In a previous Blog posting, we introduced our readers to the Lease Analysis component of iLeasePro, our comprehensive lease management technology solution specifically designed for lessees. We indicated that Lease Analysis is an invaluable tool that supports lease negotiations and lease reassessment by providing the user with the technology for evaluating all the financial terms…
iLeasePro Beta Version Now Available
iLease Management LLC is pleased to announce it has released the Beta version of iLeasePro. iLeasePro is a SaaS Lease Management and Lease Accounting solution in the Cloud specifically developed for Lessees or Tenants of Real Estate and Equipment leases. iLeasePro has been developed by experienced real estate and accounting professionals not only to address the upcoming FASB…
iLeasePro’s Lease Analysis Capabilities
In planning the development of iLeasePro, it was particularly important that our technology users have a comprehensive technology tool that provides the ability to evaluate, manage and account for leasing transactions. That is why the Core Functionality of iLeasePro is broken down into three components that are fully integrated within one technology: Lease Analysis; Lease…
Joint FASB/IASB Roundtable on Leases
Earlier this week, I attended one of the Joint FASB/IASB Roundtable session on Leases held in Norwalk CT. There were only about 15 attendees from those who submitted comment letters which was somewhat surprising since there were close to 600 comments letters submitted. Numerous FASB and IASB Board members and staff were also in attendance….
Lease Expense Classification – The Impact is Broader than You May Think
The revised Exposure Draft on proposed Lease Accounting Changes issued in May 2013 (“the Revised ED”) contains provisions on expense classification that has broader implications than may be evident initially. For Type B leases, principally leases of property (real estate), the proposed expense is classified as lease expense and the expense recognition pattern is straight-line,…
Lease Accounting Exposure Draft – Expense Presentation
In our posting earlier this month, we provided highlights of the May 2013 revised Exposure Draft jointly issued by the FASB and IASB proposing major changes to the manner in which lessees would account for their lease contracts. In that posting, we discussed the fact that leases would be classified based upon the nature of…
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