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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 […]
What Qualifies As A Lease Under The New Lease Standard?
Not all arrangements qualify as a lease under the new standard. Of course, sometimes it’s easy to figure out if it’s a lease: renting your office space definitely qualifies as […]
Lease Standard Series: Disclosures And Internal Controls
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 […]
Is Your Company Ready For Agile Auditing?
Agility — or the ability to react quickly — is essential to surviving and thriving in today’s competitive landscape. Though agile techniques were originally used in the realm of software […]
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 […]