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Lease Standard Series: Evaluating Lease Agreements And Obligations
Our lease accounting series includes a comprehensive breakdown of implementation considerations, including: Lease tracking solution (Excel vs. lease software) Resources needed to implement and maintain Identifying the lease portfolio Evaluating the lease agreements and overall scope Calculating the lease obligations and right of use assets Financial reporting and disclosures Internal control processes going forward In this article, we continue the […]
FASB Issues ASU Deferring Revenue Recognition and Leases Standards
Article written by: Jeff Harden, CPA Director, Assurance & Business Advisory Services On June 3, 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-05, which grants a one-year effective date delay for certain companies and organizations applying the revenue recognition (ASC 606) and leases (ASC 842) guidance. In its basis for conclusions, the FASB acknowledged […]
Have You Started To Implement The New Lease Accounting Guidance?
Article written by: Dustin Minton Director, Restaurant Services With 2019 closed out, it is time to face the inevitable of Lease Accounting under ASC 842. We were given a one-year reprieve by the FASB at the end of 2019 due to the unforeseen complexities of implementing ASC 842 that many public companies experienced. Based on experience, it is complicated and […]
Get Ready For The New Lease Standard
A new accounting rule for reporting leases goes into effect in 2019 for public companies. Although private companies have been granted a one-year reprieve, no business should wait until the last minute to start the implementation process. Some recently revised guidance is intended to ease implementation. Here’s an overview of what’s changing. Old rules, new rules Under the existing rules, […]