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What Is ASC 842? The Ultimate Guide
What is ASC 842 Summary?
The ASC 842 standard for lease accounting requires all leases longer than 12 months to be recorded as assets and liabilities...
Blog
Read about ASC 842 & other lease accounting topics.
Finance Leases 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. In June...
Meet Your Updated General Ledger Accounts Under the New Lease Standard
The new lease standard requires you to account for leases differently on your financial statements, which of course includes your general ledger....
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...
What We Want to See Happen With the New Lease Standard in 2019
Update: On April 8, 2020, FASB proposed to delay implementing the new lease standard for non-public organizations, making their new effective date...
When the New Lease Standard Goes into Effect and Other Key Dates
Update: On April 8, 2020, FASB proposed to delay implementing the new lease standard for non-public organizations, making their new effective date...
Ask the Expert: John Hepp Discusses the New Lease Standard
Important note: This is a judgment-based standard, which means there are few hard-and-fast rules and the treatment of your leases will depend on your...
CPA Playbook for Talking to Clients About the New Lease Standard
Have you spoken with your clients about the new lease standard? How many clients have begun preparing for implementation? Since the new lease...
FASB Amends the New Lease Standard
Update: On April 8, 2020, FASB proposed to delay implementing the new lease standard for non-public organizations, making their new effective date...
How the New Lease Standard Affects CAM Accounting
The new lease standard, ASC 842, changes the treatment of common area maintenance (CAM) within a real estate lease contract. Many real estate leases...
What Can CPA Firms Do Now about the New Lease Standard?
While the new lease standard is obviously about accounting for leases, there are broader implications that your clients should consider now, well...
How Do I Know If My Lease Has Multiple Lease Components?
Lease accounting is applied at the lowest asset component. As a result, after you have identified the lease and nonlease components, you as the...
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...