GASB 87 vs. the current guidance: Key differences Scope of the new GASB lease accounting standard Example: Accounting for a lease under GASB 87 with Excel Calculate the initial lease liability Calculate the initial lease asset value Record the opening journal entry...
Operating leases defined New treatment and changes Identification Is lease capitalization required for all? New example under ASC 842 Lease agreement details Determine the lease term under ASC 840 Determine the total lease payments Prepare the straight line...
What is deferred rent? What are deferred taxes? Tax expense recognized under ASC 842 Initial direct costs Deferred tax examples and journal entries: Applying to lease accounting Summary Related articles You may wonder – with the deferred rent classification...
What is asset retirement in accounting? What is an Asset Retirement Obligation (ARO)? ASC 410: ARO accounting and environmental obligations ASC 410-20 and interactions between ASC 410 and ASC 842 How to perform the accounting for an ARO What is accretion expense? Is...
Lease Options During Covid-19: Your Questions Answered As the COVID-19 pandemic continues to impact our health and economy, many lessees are looking for ways to reduce their expenses – rent being at the top of the list. LeaseQuery’s CEO and Founder, George Azih...
