Many people think that Q1 is the busiest time of the year for accountants. They assume that because it’s tax season, accountants are only stressed between January and April. While it’s true that accountants are extremely busy during the first quarter,...
We recently surveyed 200 accountants in the lease accounting transition process, and while respondents came from different industries and sizes of companies, one takeaway is clear: lease accounting transition proved more challenging than they anticipated. The FASB...
What do you do when you’re tasked to fix a problem with no simple solution? Well, you figure it out. And if you know what you’re doing, you build a solution that makes this task simpler in the future so you don’t have to keep fixing problems. That’s how LeaseQuery was...
What is a capital/finance lease? Finance lease vs capital lease Capital lease criteria: under 840 “Strong-form” vs. “weak-form” finance leases Finance lease criteria: how classification has changed under ASC 842 Finance lease accounting example...
This is the second blog in our series on lease modifications and addresses a modification where the lease classification changes as a result of the modification. In this blog, we will give a comprehensive example under ASC 842 illustrating how to account for a lease...
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...
