Traditional lease accounting adoption methodologies involve significant upfront costs, resources and software deployment. The ongoing, sustained compliance with the new lease accounting standards also requires a commitment of internal resources, time, software administration, and training. Due to these hurdles and ongoing economic challenges, the Financial Accounting Standards Board (FASB) offered a one-year deferral of ASC The post Capitalizing On the Lease Accounting Deadline Extension appeared first on CFO ..read more

The Financial Accounting Standards Board voted unanimously on Wednesday to propose delaying the effective date of some of its major accounting standards, including ASC 842, Lease Accounting, for privately held companies, nonprofits, and small reporting companies. The delay means those organizations would have an extra year — until January 2021 — to adopt the new lease accounting The post FASB Gives Private Companies Breathing Room on Lease Accounting appeared first on CFO ..read more

Financial statement users have long been aware of the hidden leverage that arises from lease obligations, especially in the retail industry. As companies file their first financial results for 2019, financial statement preparers and users alike will finally find these leases brought to light, thanks to the new lease accounting standards issued by FASB and The post New Lease Standard: Comparing IFRS and U.S. GAAP appeared first on CFO ..read more

In February 2016, the Financial Accounting Standards Board issued new rules on lease accounting that will move most operating leases onto a company’s balance sheet. Currently, only capital leases are required to be recognized on the balance sheet. Public entities are required to adopt the new leases standard for reporting periods beginning after December 15, The post Lease Accounting Special Report: Ready or Not appeared first on CFO ..read more

A recent PricewaterhouseCoopers survey found that only 1% of companies had completed adoption of the new lease accounting standard, ASC 842. The deadline is looming for public companies, which are required to apply the standard for annual reporting periods beginning after Dec. 15 of this year. (The measure takes effect for private companies one year later.) For The post Lessons from Early Lease Accounting Adopters appeared first on CFO ..read more

Everyone in the accounting and finance world is inundated with information about the new lease guidance, from its effective date and primary financial statement impacts to the inherent complexities and best practices for a successful adoption. This flow of information confirms that, yes, the impact of the new guidance is in large part a gross-up The post Unlock the Hidden Benefits of Lease Accounting Rules appeared first on CFO ..read more

Driven by feedback from corporate executives that complying with the Financial Accounting Standards Board’s new lease-accounting standard will cost their companies substantially more than they previously thought, FASB is proposing what it thinks is a cheaper compliance option. Instead of companies having to apply the requirements of the standard to their 2017, 2018, and 2019 balance The post FASB Seeks Cut in Lease-Accounting Costs appeared first on CFO ..read more

The recently proposed tweaks to the Financial Accounting Standards Board’s new leasing rules represent a big breather for the many public companies racing to comply with the standard by its January 1, 2019, deadline, a lease accounting expert says. James Barker The FASB decision about the new leasing standard likely to have the most widespread effect The post FASB Leasing Tweak Offers ‘Big Relief’ appeared first on CFO ..read more

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