Your lease queries, answered.
Public companies and Private companies that have to issue GAAP financial statements. It will NOT affect private companies that DO NOT issue GAAP financial statements. So mom and pop stores will not be affected by the new lease accounting rules.
Further details on how the lease account changes will affect your bottom line can be read here.
Yes, see the link here: Transition Guide to the New Lease Accounting Standards under ASC 842 and IFRS 16
Otherwise, if you are interested in an ‘easy button’ for the new lease accounting standards, schedule a demo with the accountants at LeaseQuery or contact us at firstname.lastname@example.org or 1-800-880-7270.
Often it is quite confusing to determine if your lease is a capital lease or an operating lease. That’s why we developed our free tool, the cap vs op lease test. The capital lease vs operating lease test is a quick (less than 5 minutes) review of your lease’s details, and at the conclusion, you get an emailed result with the nature of your lease! That’s it. Quick, painless results that simplify a complicated accounting process.
Sometimes, the present value of a lease or rental agreement isn’t clear. That’s why we took out all the hassle and turned how to calculate present value into an easy button with a quick download of an MS Excel file. We offer these services in our lease accounting software, so you don’t even need to use excel. See why we insist that LeaseQuery makes the process of lease accounting as simple as the click of a button.
Use this free tool to calculate the present value of your minimum lease payments. You can use this to determine the exact liability that will be recorded on your lease under the new lease accounting rules.