Lease Accounting Advisory & Implementation Services
ProNexus, LLC » Lease Accounting
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6M ago
ProNexus provides Lease Accounting Advisory & Implementation services, we can help you make a smooth transition to the new lease accounting standards ..read more
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Lease accounting software solutions to comply with ASC 842 or IFRS 16
ProNexus, LLC » Lease Accounting
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6M ago
PRONEXUS, LLC – a highly regarded non-attest finance and accounting firm, invests in cloud-based lease accounting software designed to help clients ..read more
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Frequently Asked Questions About FASB’s New Lease Standard
ProNexus, LLC » Lease Accounting
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6M ago
It’s been over a year since FASB issued its new standard on accounting for leases (ASC 842). Most recently the standard was implemented for publicly ..read more
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The New Lease Standard – Everything You Need to Know
ProNexus, LLC » Lease Accounting
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6M ago
The new lease standard (ASC 842 and GASB 87 in the U.S. and IFRS 16 internationally) is intended to account for all lease obligations on financial ..read more
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What's on your plate for 2023?
ProNexus, LLC » Lease Accounting
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6M ago
“There is too much on my plate” – a reality lived daily by business owners and employees alike this time of year. Ironically enough, too much on the ..read more
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From Spreadsheets to Lease Accounting Software
ProNexus, LLC » Lease Accounting
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6M ago
Leave it in the Past You’ve probably heard a lot about spreadsheets in relation to lease accounting. Perhaps after your first audit with the new ..read more
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ASC 842 Lease Accounting Readiness Survey
ProNexus, LLC » Lease Accounting
by Kaitlin Alfvin
2y ago
Private companies will now need to implement ASC 842 in less than 12-months. ASC 842 was recently implemented for publicly traded companies. Many of these companies found the implementation to be much more involved than they originally expected and as a result, they were less prepared than they thought they would be. Recording the Right of Use Assets and Liabilities on Day 1 is challenging, but only gets you to the starting line. The race begins Day 2 and beyond implementing the process to account for all new and existing leases. Unfortunately, the focus of such implementations is usually plac ..read more
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Lease Accounting Assessment Survey Download
ProNexus, LLC » Lease Accounting
by Kaitlin Alfvin
2y ago
Are you starting a new leasing initiative? Or maybe you’re in the process of complying with the new FASB and IFRS lease accounting rules? ProNexus lease experts can help you map the best path forward utilizing our experience and internally-developed tools. A first step in this process would be an internal assessment of your current leasing activity. Download page 1 of our 4 page assessment below: Download Assessment Here For more information, please contact Rafael Vidal (rvidal@pronexusllc.com) on the ways ProNexus can help you at any stage of the new lease accounting implementation ..read more
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What are Right of Use Assets?
ProNexus, LLC » Lease Accounting
by Kaitlin Alfvin
2y ago
What is a Right of Use Asset? A right of use asset, or ROU, is a lessee’s right to use an asset over the course of a lease. More formally stated, an ROU asset is any non-monetary asset that is leased by an entity and its use by the lessee is pursuant to the definition of the right of use in the new lease accounting standards: ASC 842 for US GAAP, GASB 87 for US government GAAP, and IFRS 16 for international accounting. The new lease standards come into play when defining ROU assets because the right to use an actual asset stated in a lease is now recorded instead of recording the actual asset ..read more
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FASB declines to extend nonpublic lease accounting effective date
ProNexus, LLC » Lease Accounting
by Kaitlin Alfvin
2y ago
Private companies and nonprofits will not see further relief from the effective date of FASB’s new lease accounting standard after the board voted unanimously Wednesday to reject a request for a two-year expansion that was submitted by Pennsylvania Institute of CPAs (PICPA). The current effective date for nonpublic entities is for fiscal years beginning after Dec. 15, 2021, and interim periods within fiscal years beginning after Dec. 15, 2022. The standard was issued in 2016, but its effective dates for nonpublic entities previously were extended in two one-year deferrals. In November 2019, a ..read more
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