FASB Proposes Changes to Lease Accounting Rules

Accounting Standards Codification Topic 842, Leases, requires organizations to report the full magnitude of their long-term lease obligations on their balance sheets — a historic first. For private companies and nonprofits, the changes take effect this year. Public entities [...]

By |2022-10-10T17:43:42-04:00October 10th, 2022|Categories: Audit, Blog, Lease Accounting|Comments Off on FASB Proposes Changes to Lease Accounting Rules

Last Call for Lease Accounting Standard

The updated lease accounting standard is currently in effect for private companies. After several postponements during the pandemic, the Financial Accounting Standards Board (FASB) voted unanimously to move forward with the changes. That means private companies and private not-for-profit [...]

By |2022-10-17T16:58:19-04:00July 11th, 2022|Categories: Audit, Blog, Lease Accounting|Comments Off on Last Call for Lease Accounting Standard

Why Construction Businesses Should Pay Attention to the New Lease Accounting Standard

If you own a business, then you have likely heard the buzz around the new lease accounting standard ASC 842 and the significant impact it will have on the way you record leases. For construction and other lease-heavy industries, [...]

By |2022-10-14T15:20:52-04:00April 7th, 2022|Categories: Blog, Construction, Justin Scripps, Lease Accounting, Tax|0 Comments

7 Tax Implications You Can Expect from the New Lease Accounting Standards

It’s no surprise that the long-awaited changes to lease accounting standards have caused quite the ruckus in recent years, particularly as businesses scramble to understand and implement the complex new rules. In addition to understanding the new rule’s impact [...]

By |2022-10-14T15:02:55-04:00March 23rd, 2022|Categories: Blog, Lease Accounting, Masha Herzbrun, Tax|0 Comments

Reporting Embedded Leases

In 2016, the Financial Accounting Standards Board (FASB) published guidance that requires major changes to how leases are reported on financial statements. One area of the guidance that’s especially complicated relates to “embedded” leases. The new lease accounting standard [...]

By |2022-10-12T12:17:03-04:00November 10th, 2021|Categories: Audit, Blog, Lease Accounting|Comments Off on Reporting Embedded Leases

The Most Common Lease Accounting Discount Rate Myths

Understanding and Avoiding Discount Rate Myths in Lease Accounting As companies adopt ASC 842, selecting and estimating the discount rates embedded within their various leases will play an important role in their implementation as well as their accounting going [...]

By |2022-10-12T11:02:42-04:00November 1st, 2021|Categories: Audit, Blog, Lease Accounting, Tax|0 Comments

How to Calculate a Discount Rate for Lease Accounting

One of the many determinations companies need to make as they implement ASC 842, the new lease accounting standard, is calculating the appropriate discount rate for their leases. For lessees, selecting and estimating the discount rate will have an [...]

By |2022-10-07T15:15:37-04:00September 21st, 2021|Categories: Audit, Blog, Frank Balestreri, Lease Accounting|0 Comments

6 Steps Private Companies Should Take to Prepare for ASC 842 Lease Accounting

Get Prepared for ASC 842 Lease Accounting Standard Private companies and nonprofits will soon be subject to the ASC 842 lease accounting standard. Adoption of this standard is effective for annual reporting periods ending after December 15, 2021. For [...]

By |2022-04-07T09:51:03-04:00August 4th, 2021|Categories: Blog, Kevin Burke, Lease Accounting, Software|Comments Off on 6 Steps Private Companies Should Take to Prepare for ASC 842 Lease Accounting

Lease or Buy? Changes to Accounting Rules May Change Your Mind

The rules for reporting leasing transactions are changing. Though these changes have been delayed until 2021 for private companies (and nonprofits), it’s important to know the possible effects on your financial statements as you renew leases or enter into [...]

By |2022-10-25T16:25:30-04:00March 7th, 2020|Categories: Audit, Blog, Construction, Industries, Lease Accounting, Manufacturing & Distribution|Comments Off on Lease or Buy? Changes to Accounting Rules May Change Your Mind

What the New Lease Standard Means for the Food and Beverage Industry

As a business owner, you likely started your business because of a great product and a passion for your craft. Whether innovating the production of chocolate or sharing your family’s bread recipe with the world, analyzing accounting standards and [...]

By |2022-10-25T16:26:17-04:00September 10th, 2018|Categories: Blog, Food & Beverage, Industries, Karen J. Burns, Lease Accounting, Manufacturing & Distribution|Comments Off on What the New Lease Standard Means for the Food and Beverage Industry
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