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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 […]
What Are Right Of Use Assets?
A right of use asset, or ROU, is a lessee’s right to use an asset over the course of a lease. More formally stated, an ROU asset is any non-monetary asset […]
ASC 842: Transitioning Leases and Why Equity Likely Isn’t Affected
When the changes in an accounting standard impact assets or liabilities, we are accustomed to the difference flowing through equity. The new lease standard, ASC 842, is different because equity is […]
Separating Lease And Nonlease Components
Not all costs related to a lease are included in the leased asset and liability. For example, a contract may include both a truck and operation of the truck on […]