Adjustments are made at the close of an accounting period to rectify errors, record unaccounted income or expenses, and maintain the integrity of financial records to prepare comprehensive financial...
1. What is financial contract management? 2. Benefits of financial contract management Central repository Visibility Ease of use 3. How these features facilitate budgeting Single source of truth...
1. Operating budget defined What is the importance of the operating budget? Operating budget vs. capital budget 2. Creating operational budgeting goals Increasing revenue Cutting expenses 3. Largest...
It's that time of year for accountants and finance professionals - the calm before the storm. The auditors left their PBC list when they were doing some interim work in November. If you can just...
In an era defined by technological advancements, the landscape of accounting is undergoing a profound transformation - and just in the nick of time. The media is flooded with warnings about the lack...
License management software explained With the ongoing technology boom, many companies are turning to software solutions to help manage their data, including license management software. License...
1. Operating lease treatment under ASC 842 vs. ASC 840: What changed? 2. Operating lease vs. finance lease identification under ASC 842 Transference of title/ownership to the lessee Purchase option...
If you are an accountant, you likely deal with contracts regularly - supply agreements, leases, SaaS subscriptions, and various other commitments and obligations. How does your company organize all...
Prior to the introduction of the new lease accounting standard, ASC 842, many organizations grouped their leased assets along with their fixed assets. The organization likely placed assets financed...
1. What is ASC 842? 2. What is a lease under ASC 842? 3. ASC 842 effective dates Effective date for public companies Effective date for private companies 4. Scope of ASC 842: What’s covered and...
1. Lessee definition 2. Lessor definition Lessor vs. lienholder 3. Who is the lessor and the lessee in rental agreements? Commercial real estate Lessor’s risk insurance 4. Lessee vs. lessor...
1. What is deferred rent? 2. Deferred rent examples under ASC 840 and ASC 842 Example #1: Deferred rent under ASC 840 Example #2: Deferred rent under ASC 842 with ROU assets and lease liabilities 3....
1. Fixed payments Fixed vs. variable payments 2. In-substance fixed payments 3. Variable payments that depend on an index or rate 4. Additional payments 5. Lease vs. non-lease components Lease vs....
1. Prepaid rent Is prepaid rent an asset? Accounting for prepaid rent with journal entries 2. Accrued rent Accounting for accrued rent with journal entries 3. Deferred rent Accounting for deferred...
1. Accounting for a business combination Favorable and unfavorable leases Leases obtained in a business combination under ASC 840 Leases obtained in a business combination under ASC 842...
1. What is lease accounting? 2. Lessee vs. lessor Lessee definition Lessor definition 3. Lease accounting under the old standards 4. New lease accounting standards, changes, and full examples ASC...
What is an investment in accounting? You have probably heard of stock investments, and the term “investment” may lead you to immediately envision stocks, bonds, and mutual funds. While this line of...
Asset Retirement Obligations (ARO) are commonly associated with industries such as oil and gas, mining, waste disposal, or nuclear energy. Some examples specific to the oil and gas industry include...
