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...
Read about ASC 842 & other lease accounting topics.
The ASC 842 standard for GAAP lease accounting requires all leases longer than 12 months to be recorded as assets and...
The Financial Accounting Standards Board changed the lease accounting game forever when they declared the ASC 842 new lease accounting standard.
Lease accounting gets increasingly complicated with each new accounting standard introduced by the Governmental Accounting Standards Board, also...
When a CPA firm attests to the accuracy of a client’s financial statements, maintaining independence is important to assure the firm was not unduly...
How much does lease accounting software cost? As your firm examines the work involved with implementing and maintaining the new lease standard,...
On Wednesday, April 8, 2020, the Financial Accounting Standards Board (FASB) met to discuss the coronavirus crisis and its impact on upcoming...
Since the outbreak of the COVID-19 pandemic in March 2020, CPA firms are seeing a large increase in the number of clients asking about lease...
With the new lease standard implementation date approaching, how are firms helping and encouraging their clients to be prepared in a timely manner?...
As we all expected, the Financial Accounting Standards Board (FASB) voted today that the new lease accounting standard will be delayed for one year...
Read the original article posted on Accounting Today.
Fall can be a busy time of year. In public accounting, CPA firms reconnect with many clients...
It was great being in Las Vegas at ENGAGE last week! We enjoyed the conversations and insights we gained while there.
Update March 27, 2023:
The first amendment in this update allows for private and certain not-for-profit entities to use the written terms of the...
One of the trickier aspects of the new lease standard is the concept of embedded leases. Like many components of the new standard, identifying an...
The new lease standard requires you to account for leases differently on your financial statements, which of course includes your general ledger....
When the changes in an accounting standard impact assets or liabilities, we are accustomed to the difference flowing through equity. The new lease...