FASB's amendments to ASC 842 offer simpler guidance for common control lease arrangements and provide a practical expedient for lessees to account for leases in common arrangements without considering legal enforceability.
The new lease standard has brought about a lot of changes. In this blog post, we will discuss some of the most important things to remember when implementing ASC 842. We'll also provide a checklist of tasks that should be completed in order to ensure compliance with the new lease standard.
This webinar recording from November 30 provides an overview of the lease accounting standard and a demo of our software solution designed to ease the burden of implementation for your organization. We will also address some of the common pitfalls, business implications, possible financial benefits, and more.
Whether we like it or not Accounting Standards Codification (ASC) 842 is here. Labor unions have a lot on their plates and a new accounting standard on leases may not be at the top of the priority list. However, the time is now to implement if you haven’t done so already.
Not-for-Profit Accounting Update: Lease Accounting and Donated Assets (Contributed Nonfinancial Assets)
Many not-for-profits are in the first year of implementing the new lease accounting standard and may need guidance on where to start. Below-market leases or donated space also give rise to another new accounting update to consider.
Private company adoption of the new lease accounting update, ASC 842, is well underway. The impact will be felt in areas other than the balance sheet, especially for businesses in commercial real estate and construction.
Do you have a lease? If so, it is important to be aware of the new Lease Accounting Standards for Government Contractors. Lease accounting standards are changing and government contractors need to know how this will affect them.
As the recovery continues, many businesses and exempt organizations are taking another look at the new lease accounting standard and requirements. Learn how to simplify the process.
One of the effects of cash flow shortages from COVID-19 has been an increase in rent deferments or abatements. It’s one thing to alter the language of a contract, but the question becomes how to treat rent concessions in the financial statements, and which set of guidelines to follow.
Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) – issued February 25, 2016 For most non-public entities this update is effective for fiscal years beginning [...]