Understanding the ROU Asset Journal Entry
ASC 842 fundamentally changed how accounting departments build their organization’s balance sheet, income statement, and cash flow analysis. In this…
What is ASC 842? Lease Accounting Guide
Generally accepted accounting practices (GAAP) for lease accounting instituted ASC 842 (replacing ASC 840) in 2019, requiring organizations to record…
Completeness Assertion – What Does it Mean In Lease Accounting?
The completeness assertion is a critical component of lease accounting under ASC 842, and it is essential for businesses to…
Commercial Lease Types Explained
Commercial leases are agreements between landlords and tenants for the rental of commercial properties. There are several commercial lease types,…
Setting Up a Chart of Accounts for your Lease Portfolio
The chart of accounts is at the center of all bookkeeping, accounting, and financial reporting activities. Creating a thoughtful chart…
How to Streamline Lease Accounting Policies & Controls
The Financial Accounting Standards Boards outlines lease accounting policies and controls that are built to ease the transition.