by George Azih | Feb 15, 2018 | Blog, FASB ASC 842, Operating Lease Accounting
What is an operating lease? Putting it simply, an operating lease is a contract that provides a lessee the right to use an asset without the benefits of ownership. Under topic 840, operating leases did not need to be recorded on the balance sheet – they didn’t meet...
by Chris Ramsey | Jan 30, 2018 | Blog, Capital and Finance Lease Accounting, Equipment, Operating Lease Accounting
Do you report under GAAP or IFRS? If so, you are most likely large enough to have both equipment and real estate leases in your portfolio. After speaking with hundreds of companies, LeaseQuery, a leading lease accounting software vendor founded by Accountants,...
by George Azih | Dec 7, 2016 | Blog, Capital and Finance Lease Accounting, FASB ASC 842, Lease Accounting Standards, Operating Lease Accounting
In May 2013, the FASB and IASB released an Exposure Draft proposing a new approach to lease accounting. The proposed accounting rules will require recognition of all leased assets as “Right of Use” assets (ROU assets), and recognition of a lease liability (an...
by George Azih | Dec 7, 2016 | Blog, FASB ASC 842, Lease Accounting Standards, Operating Lease Accounting
In this post I will explain how to transition from the current lease accounting rules to the new lease accounting rules. Specifically, we will discuss how to go from an operating lease under current GAAP to an operating lease under the new lease accounting rules, also...
by George Azih | Dec 6, 2016 | Blog, Operating Lease Accounting
When does a lease start for accounting purposes? How can you tell when the lease starts and when is the lease end date? Every lease has a “start date,” but many people, accountants included, do not understand what that date really is or how to find it....
by George Azih | Nov 22, 2016 | Blog, FASB ASC 840, Operating Lease Accounting
In our last blog, we explained how to account for leases where the tenant must take additional property (or expand) in the future. Today’s blog addresses accounting for leases which include a termination at will option. It was inspired by the following question we...
