by George Azih | Jan 10, 2020
What is lease classification? Operating vs finance leases under ASC 842 Transference of title/ownership to the lessee Purchase option Lease term and the remaining economic life of the asset Present value vs fair value of the asset Asset specialization Operating vs....
by George Azih | Nov 7, 2019
What is an operating lease? Changes to operating leases Identifying an operating lease Is lease capitalization required for all? Operating lease accounting example under ASC 842 Lease agreement details Determine the lease term under ASC 840 Determine the total lease...
by Abdi Ali | Oct 2, 2019
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...
by George Azih | Aug 28, 2019
In this blog, we will give an example of how to account for a lease modification under ASC 842 that does not expand or add additional assets to the original lease, but rather increases the lease term and changes the payment amounts. Because there isn’t an additional...
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,...
