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In February of 2016, the Financial Accounting Standards Board proposed a new lease accounting standard known as ASC 842. After delays for non-public...

You’ve probably heard a lot about spreadsheets in relation to lease accounting. Perhaps after your first audit with the new lease standards, you’re...

Updated on April 10, 2023: The first amendment in this update allows for private and certain not-for-profit entities to use the written terms of the...

After FASB’s proposed delay at their April 8, 2020 meeting, the new lease standard will likely go into effect for non-public companies the fiscal...

Policy elections that must be made under the new lease accounting standard are a critical part of implementation planning. They impact your clients’...

Lease accounting is applied at the lowest asset component. As a result, after you have identified the lease and nonlease components, you as the...

Implementing the new lease standard is complex if you try to do it in spreadsheets, even for organizations with a few leases. Beyond the complexity...

What is Considered a Lease Under ASC 842?

Not all arrangements qualify as a lease under the new standard’s definition of a lease. Of course,...

The Financial Accounting Standards Board changed the lease accounting game forever when they declared the ASC 842 new lease accounting standard. 

Written by Ane Ohm on Tuesday, August 6, 2019 It’s been a couple of weeks since the FASB announced its decision to potentially delay the...

If your public company clients use spreadsheets to maintain their leases, you know what a pain those spreadsheets can be. They are error-prone,...

If your clients use spreadsheets to maintain their leases, you know what a pain they can be. Spreadsheets are error-prone, difficult to adjust and...