by Jason Parker | Mar 12, 2020
Private organizations are moving closer to the required adoption date for ASC 842, Leases. The highly publicized lease accounting transition to ASC 842 will, qualitatively and quantitatively, impact a company’s financial statements in a significant manner. When...
by Jason Parker | Feb 14, 2020
To terminate a lease is to cancel the agreement before the end of the specified lease term. Many lease agreements may include an option for either lessees or lessors to terminate the agreement prior to the end of the original lease term. Lease termination options can...
by Jason Parker | Sep 27, 2019
The new lease accounting standard for governmental organizations, GASB Statement No. 87, goes into effect for all reporting periods that begin subsequent to December 15, 2019. Just over a month ago, GASB released the final implementation guide to provide additional...
by Jason Parker | Aug 9, 2019
GASB 87 vs. the current guidance: Key differences Scope of the new GASB lease accounting standard Step-by-step GASB 87 example using Excel Calculate the initial lease liability Calculate the initial lease asset value Record the opening journal entry under GASB 87 Book...
by Jason Parker | Jun 14, 2019
Similar to the FASB and IASB, the Governmental Accounting Standards Board released guidance updating the accounting for lease agreements. GASB No. 87, Leases, is effective for applicable governmental entities for reporting periods that begin subsequent to December 15,...
