What is lease accounting? Lease accounting is the method by which organizations account for their leasing contracts – whether lessors or lessees – on their balance sheets. The reporting standards for lease accounting are maintained by the Financial Accounting...
4 Takeaways on ASC 842 and IFRS 16 from the 17th Annual Financial Reporting Conference Earlier this year, we had the opportunity to attend the 17th Annual Financial Reporting Conference at Baruch College featuring panelists from FASB, KPMG, Google, Moody’s, and...
As with any major new regulatory update, the boards published practical expedients after the initial release of the new lease accounting standards. Electing these expedients will save you time, but if you don’t interpret them properly, you’ll end up with errors in...
Why the New Lease Accounting Standards Pose Major Challenges Until recently, most companies didn’t have to pay much attention to leases when issuing financial statements. With the new lease accounting standards, that’s set to change – drastically. Companies will be...read more
Transitioning to ASC 842 and IFRS 16 is a monumental undertaking with plenty of pitfalls along the way. All of the following nightmare scenarios have happened in real life. Learn from your fellow accountants and don’t let them happen to you. #1: Misinterpreting the...read more
Comparing and selecting the best lease accounting software for your organization is not a simple process. You’ve got to juggle your budget and stakeholders from other departments (who may not understand your needs). And those are just your internal obstacles. You also...read more
One of the most common questions people have about the new lease accounting standards is about discount rates. There’s a lot of confusion about which ones to use, where to find them, and how to calculate them. It would be nice if there were straightforward answers...read more
Excel used to be, or maybe still is, your “tried and true” go-to for handling lease accounting. However, with the FASB ASC 842 and IFRS 16 deadlines looming (January 2019 for public companies and January 2020 for private companies), compliance is at stake. So ask...read more
The FASB just released some clarification to ASC 842. If you’ve been following closely, then you know that the standards have created some nuances that require further clarification. These updates provide that clarification and address sixteen issues. Our Lease...read more
Restatement of Financial Statements under IFRS 16 and ASC 842: What’s the Impact to Public Companies?
As the deadlines for FASB 842 and IFRS 16 get closer, many companies are realizing just how time-consuming and resource-heavy the transition process is (this 14-step guide will walk you through the lease accounting transition process). After all, you have to interpret...read more
The compliance deadline for FASB Topic 842 and IFRS 16 is nearing (January 2019 for public companies) and your transition should be underway. However, with all you have to do, we understand starting and completing this huge task isn’t at the top of your to-do list....read more
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