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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...
CPA Firm Independence and Technology: Complying with AICPA Guidelines
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...
Lease Accounting Software: Pricing Considerations
How much does lease accounting software cost? As your firm examines the work involved with implementing and maintaining the new lease standard,...
FASB proposes another delay for lease standard amid COVID-19 crisis
On Wednesday, April 8, 2020, the Financial Accounting Standards Board (FASB) met to discuss the coronavirus crisis and its impact on upcoming...
Lease Concessions and COVID-19: What You Need to Know
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...
Key Takeaways from the CPAmerica A&A Conference
With the new lease standard implementation date approaching, how are firms helping and encouraging their clients to be prepared in a timely manner?...
FASB Votes Yes on Lease Standard Implementation Delay
As we all expected, the Financial Accounting Standards Board (FASB) voted today that the new lease accounting standard will be delayed for one year...
Considerations for Firms Managing Audit Fee Pressure During a Pandemic
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...
What we Learned at AICPA ENGAGE 2021
It was great being in Las Vegas at ENGAGE last week! We enjoyed the conversations and insights we gained while there.
John Hepp Discusses Leases Between Related Parties
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...
Defining and Identifying Embedded Leases
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...
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...
