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What Is ASC 842? The Ultimate Guide
What is ASC 842 Summary?
The ASC 842 standard for GAAP lease accounting requires all leases longer than 12 months to be recorded as assets and...
Blog
Read about ASC 842 & other lease accounting topics.
Finance vs Operating Leases: What’s the Difference?
The Financial Accounting Standards Board changed the lease accounting game forever when they declared the ASC 842 new lease accounting standard.
What Does GASB 87 Do? Everything You Need to Know
Lease accounting gets increasingly complicated with each new accounting standard introduced by the Governmental Accounting Standards Board, also...
The Secret to Effective Lease Management
Let’s set something straight before we dive into the ins and outs of effective lease management: Lease management is synonymous with lease...
Help Clients While Maintaining Independence
As a CPA, you know the importance of maintaining independence while working with your clients. At the same time, your clients rely on you for...
What Does IFRS 16 Do?
IFRS 16 is the most significant change to international lease accounting in the past 30 years, so you’d better buckle in and listen up.
What is the GASB 87 Effective Date?
In May 2020, the Governmental Accounting Standards Board postponed the implementation date for the new lease standard, GASB 87 to June 15, 2021. At...
FASB Proposes Discount Rate Update for Private Companies & Nonprofits
On September 15, 2021, the Financial Accounting Standards Board (FASB) proposed an update to ASC 842 which would allow private companies and...
Lessor vs Lessee: What’s the Difference?
Leases inherently require two parties in order to exist. One party leases their asset/assets to the other, and a lease is signed as a contractual...
What is Incremental Borrowing Rate?
Before we hop to it, let’s do a brief overview of the history of two of the most important changes to lease accounting principles in the past few...
Calculating a Lease Amortization Schedule
Deathly afraid of lease amortization? Don’t even know where to begin?
The Footnote Disclosure for ASC 842
The footnote disclosure for the new lease standard enables financial statement users to assess the amount and timing of cash flows arising from...
ASC 842: Transitioning Leases Update
When changes to accounting standards impact assets and liabilities, we are accustomed to also adjusting equity. However, the new lease accounting...
Asset Retirement Obligation: Why It’s Important & How to Account for It
Asset retirement obligation is a policy that was started by the Financial Accounting Standards Board, or the FASB, in 2001. Also known as SFAS 143,...
Checklist: How to Identify Embedded Leases
While embedded leases are not a new concept in accounting, they are now receiving a lot more attention. In the past, operating leases weren’t...
