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ASC 842 Lease Implementation: Don’t Get Left Behind
After a couple of FASB deferrals, ASC 842 lease accounting standard is now effective January 1, 2022, for years beginning after December 15, 2021. That means nearly all calendar year […]
What Is Incremental Borrowing Rate?
Before we hop to it, let’s do a brief overview of the history of two of the most important changes to lease accounting principles in the past few decades, seeing as the […]
What Is Sale And Leaseback?
A sale and leaseback transaction is when the seller of an asset becomes the lessee and the purchaser becomes the lessor. What is Meant By Sale and Leaseback? A sale-leaseback […]
Accounting For Involuntary Conversions
Whether property is damaged by a natural disaster or taken without an owner’s consent, businesses must be prepared to minimize economic harm and maximize financial relief by referring to Generally […]
Meet Your Updated General Ledger Accounts Under the New Lease Standard
The new lease standard requires you to account for leases differently on your financial statements, which of course includes your general ledger. Learn what’s new in this blog, including a […]
What Is Capital Lease Accounting?
A change is coming to lease categorization, and it’s been a long time coming. With the advent of ASC 842, capital leases have undergone a slight title change. Stick around for […]