Implicit Interest Rates Simplified: Your Ultimate Guide
When accounting teams come across the term implicit interest rate, a quick search will tell them that this refers to…
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Learn How to Calculate Lease Liability With This Step-by-Step Guide
One of the major changes that came with the transition from ASC 840 to ASC 842 was that leases must…
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2 Examples of Operating Lease Accounting Under ASC 842
At the end of the 2020 fiscal year, the Financial Accounting Standards Board (FASB) made it mandatory for private, public,…
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An Overview of ASC 840: What Every Accountant Needs to Know
ASC 840 was the original accounting standard for leases that allowed companies to disclose their leases in the notes of…
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The Definitive Comparison of IFRS 16 vs. ASC 842
Two new accounting standards put in place within the last three years have forever changed the way businesses report their…
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Calculating your Journal Entries for Operating Leases under ASC 842
With ASC 842, accounting teams must reflect all operating lease financial information on the company balance sheet. Journal entries are…
