Regulatory Updates
GASB 96 - Subscription-Based Information Technology Arrangements (SBITAs)
GASB Statement No. 96, Subscription-Based Information Technology Arrangements (SBITAs), was issued in May 2020. The statement establishes guidelines for state and local governments for accounting and financial reporting of subscription-based information technology arrangements (SBITAs), which are essentially cloud computing and other IT service arrangements. GASB 96 is effective for fiscal years beginning after June 15,…
Refresher On The ASC 842
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…
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..
Effective Dates of ASC 842 Changes & Transition Approach
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 Leases at 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….
The New Lease Accounting Standard – How Record Keeping Will Evolve
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…
Governmental Accounting Standards – Leases
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…
New Lease Accounting Guidance Issued
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 Expected to Finalize Lease Accounting Standards on Thursday, February 25, 2016
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 Hoping to Issue Lease Accounting Standard by February 29, 2016
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 Leases
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 Expected to Issue New Lease Standard on Wednesday, January 13, 2016
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…
Lease Accounting Standard Effective Date
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 Lease Accounting Update
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…
New Lease Standard is On The Horizon
In the past two months, there has been a notable silence surrounding the proposed changes to lease accounting. However, it’s important to understand that behind the scenes, the staffs of the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been diligently working towards finalizing a comprehensive standard. This collaborative effort…
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…
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