The new standards, ASC 842 and IFRS 16, create new challenges for lessees. Get our tips and tricks for lease accounting compliance.
You put in the hard work to transition to ASC 842, the new lease accounting standard. You’ve got your amortization schedules and your journal entries sorted out. Everything seems to be going well, but there is only one surefire way…
The Financial Accounting Standards Boards outlines lease accounting policies and controls that are built to ease the transition.
What are ROU assets? An ROU asset is represents the lessee’s right to use said leased asset, real estate, equipment or other over it’s term.
On February 15, 2023, FASB held a board meeting and reached a tentative board decision relating to leases under common control arrangements.
Now that many businesses are going through their first year and first audit under the new standard, the true impact of lease liabilities on the balance sheet is a lot clearer.
ASC 842 does away with the deferred rent account. All accounting for operating leases under the new standard is contained within a right-of-use asset and lease liabilities.
After adopting new lease accounting standards like ASC 842 and IFRS 16, many lease accountants were presented with a new…