Accounting Elective for Rent Concessions During COVID-19

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.

2020-12-28T11:21:08-05:00December 28, 2020|Categories: PBMares COVID-19 Insights|Tags: , , |

New Standard Changes How Leases are Treated Effective Late 2019

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 [...]

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