Accounting for COVID-19 Lease Concessions
LeaseQuery’s lease accounting experts explain the accounting options for lease concessions granted due to COVID-19. The new relief provisions offered by the FASB for efficient lease accounting during the pandemic will be covered, along with several examples of how to apply.
Recent Blogs
Materiality, Immateriality, and Material Misstatements in Accounting Explained
What is materiality in accounting? Materiality is the accounting concept that the more significant missing or incorrect information is to an entity, the larger impact the error or omission may have on the decision-making of users of the affected financial statements....
How to Replace Your Lease Accounting Solution
During many organizations’ initial implementation of the lease accounting standards, a software was selected to assist in crossing the finish line to compliance. If the selection of lease accounting software was frantic or last minute, you may not have had the...
There’s Still Time to Improve Your Lease Accounting
For many organizations, audit season is approaching. This means this is a great time to reassess your current processes and policies for lease accounting. Your organization may have only gone through one or a couple of audits after adopting ASC 842. Post-adoption, new...