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…
After collecting and organizing your organization’s contracts, you’ll want to determine if each individual contract is a finance or an…
One of the key differentiators when Comparing ASC 840 to ASC 842 is that now all leases, both finance (previously…
The new lease accounting standards are here. And these guidelines are expanding your balance sheet liabilities. It is estimated $3…
In 2005, the Securities and Exchange Commission recommended FASB address a lease accounting project. Under ASC 840, corporations were required to report on off-balance-sheet arrangements. Fast forward to today, and ASC 842 is replacing ASC 840 and creating new guidelines that say all lease liabilities should be accounted for on the balance sheet.
With the new lease accounting standard ASC 842 comes the requirement for entities to identify whether a contract contains a…
Under ASC 842, lease disclosure requirements were created with the intent to provide financial statement readers with more transparent insights…