Tag Archives: lease accounting
As a finance professional, you know that lease accounting, even under ASC 840, was loaded with landmines. It’s a topic that was very rules-based and required a great deal of effort to master. Now, with ASC 842, the new lease accounting standard being effective, you’re learning about lease accounting never ends. Understanding and implementing this […]
On Nov. 10, the Financial Accounting Standards Board (FASB) considered a request for a further two-year delay in the effective date of ASC Topic 842, Leases, for entities which have not yet adopted the new standard. The board voted 7-0 to not provide an additional deferral of ASC 842’s effective date. With this decision, the […]
With the effective date of Topic 842, Leases, right around the corner, the FASB recently issued two new ASUs that update the lease accounting guidance originally issued in 2016. Both of these updates are effective at the same time as Topic 842. In July, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, […]
ASU No. 2016-02, Leases (Topic 842), the new lease accounting standard, is here. In this post, we highlight 10 items for consideration as you plan to adopt this standard.