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, [...]
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 [...]
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 [...]
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 [...]
Updated accounting rules for long-term leases took effect in 2019 for public companies. Now, after several deferrals by the Financial Accounting Standards Board (FASB), private companies and private not-for-profit entities must follow suit, starting in fiscal year 2022. The [...]
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 [...]
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 [...]
