Summing It Up

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Topic: Lease Accounting Standards

FASB Proposes Lease Standard Deferral
By Freed Maxick on April 8, 2020

The standard would be effective for fiscal years beginning after December 15, 2021. On April 8, 2020, the FASB issued a proposal to defer the effective date for ASU 2016-02, Leases, and...

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The Clock is Ticking: Why Contractors Should Comply With FASB’s New Accounting Standards
By Tom Berical, CPA on December 9, 2019

Companies who do business in industries like construction, manufacturing and real estate are heavily impacted by the new revenue recognition rules imposed by the Financial Accounting...

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ASC 842 Effective Date: FASB Finalizes Lease Accounting Extension for Private Companies
By Katy Al-Khalidi, CPA on October 17, 2019

Many Companies Still Face Significant Lease Accounting Challenges The Financial Accounting Standards Board (FASB) has finalized a one-year delay in the effective date of ASU 842 Leases for...

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Lease Accounting Software Selection
By Katy Al-Khalidi, CPA on October 16, 2019

Financial Accounting Standards Board’s (FASB’s) new lease accounting standard ASC 842 may require new software for management and reporting purposes Private entities got some relief from...

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ASC 842 Transition: Three Components Your Lease Accounting Transition Policy Must Include
By Katy Al-Khalidi, CPA on October 14, 2019

Understand and consider the different options available as you review your leases, but… Private entities subject to the Financial Accounting Standards Board’s (FASB’s) new lease accounting...

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GASB 87: Implementation Guide for Lease Accounting Standard
By Chirico Rozsa, CPA on September 10, 2019

Requirements of GASB Statement No. 87, Leases The Governmental Accounting Standards Board (GASB) has issued an Implementation Guide to help clarify, explain and elaborate on the...

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