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Delays May Be Coming for Private Company Adoption of Lease Accounting and Other Standards
Posted by Patrick Quinn on Mon, Sep 23, 2019 @ 03:36 PM

Private companies, not-for-profit organizations, and smaller reporting companies received welcome news recently when it comes to adopting complex accounting standards. The Financial Accounting Standards Board (FASB) issued two proposals  that would delay the effective date for major accounting changes: one that affects lease accounting, current expected credit loss (CECL), and hedge accounting and a second that affects long-term insurance contracts.

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Topics: private companies, Patrick Quinn, lease accounting changes, Lease Standards, leasing standard, Leases

Lessors: Don’t Forget These 3 Simplifications for the Leasing Standard Adoption
Posted by Thomas McGauley on Tue, Jun 11, 2019 @ 06:10 PM

Late in 2018, the Financial Accounting Standards Board (FASB) released minor changes to lessor accounting designed to make adopting the new leasing standard easier. As lessors begin making the required changes to their lease accounting, they will want to ensure they have factored these updates into their implementation plans.

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Topics: lease accounting changes, Leasing, leasing standard, ASC Topic 606, Leases, Thomas McGauley

Eight Considerations for Your Leasing Standard Transition
Posted by Thomas McGauley on Tue, Dec 11, 2018 @ 11:06 AM

The new leasing standard under ASC Topic 842, Leases, brings changes to key terminology and accounting for leases for both lessees and lessors. Under the core principle of ASC Topic 842, a lessee will recognize right-of-use assets and related lease liabilities on the balance sheet for all leases, except for short-term leases for which the recognition exemption is elected. Public companies must adopt for fiscal years beginning after Dec. 15, 2018 (generally the 2019 calendar year). All other entities will adopt for fiscal years beginning after Dec. 15, 2019 (generally the 2020 calendar year).

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Topics: lease accounting changes, Leasing, leasing standard, asc topic 842, Leases, Thomas McGauley

Understanding the Leasing Standard: Transitioning to the New Standard
Posted by Larry Kaplan on Fri, Jun 2, 2017 @ 10:25 AM

The effective date of the update to lease accounting is drawing closer. In this blog, we will discuss lease modification and the transition guidance. To prepare for the standard, entities should be evaluating their adoption process and how it will affect their operations.

How leases are transitioned to the guidance under FASB ASU 2016-02, Leases (Topic 842) will depend on the types of leases in place at the date of adoption and whether electing available practical expedients makes sense for the organization.

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Topics: Larry Kaplan, lease accounting changes, Lease Standards, Leasing, Leaseback Accounting, leasing standard

Understanding the Leasing Standard: Sale and Leaseback and Other Types of Lease Transactions
Posted by Larry Kaplan on Mon, Dec 5, 2016 @ 05:02 PM

The leasing standard changes unveiled with the Financial Accounting Standards Board (FASB) Accounting Standards Update No. 2016-02, Leases (Topic 842) will change the way many organizations account for their leases. In addition to modifying the lessee and lessor accounting models, the new standard also introduces changes to the accounting model for sale-leaseback transactions, as well as other leasing concepts. Organizations with leasing arrangements should take note of how the changes will affect their lease accounting processes.

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Topics: Larry Kaplan, lease accounting changes, Lease Standards, Leasing, Leaseback Accounting, leasing standard

Understanding the Leasing Standard: Part 2 - Lessee Accounting
Posted by Larry Kaplan on Thu, Sep 15, 2016 @ 10:50 AM
Early preparation is critical to adapting to the changes coming to lease accounting. Passed in February 2016, the new leasing standard brings terminology and treatment of leases into line with other recent accounting changes, such as the new revenue recognition standard.
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Topics: Larry Kaplan, lease accounting changes, Lease Standards, Leasing

Understanding the Leasing Standard: Part 1 - Overview of the Key Concepts
Posted by Larry Kaplan on Fri, Jun 10, 2016 @ 09:00 AM

The Financial Accounting Standards Board (FASB)'s new leasing standard, released February 25, 2016, brought several changes to lease accounting. While not all of the changes will mean significant updates to existing U.S. generally accepted accounting principles (GAAP), they will require entities with leasing arrangements to adjust their current practices.

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Topics: Larry Kaplan, lease accounting changes, Lease Standards, Leasing

FASB Unveils New Leasing Standard
Posted by David Lewin on Thu, Mar 3, 2016 @ 12:05 PM

Lease accounting received an accounting overhaul with the recent release of the Financial Accounting Standards Board (FASB)'s Accounting Standards Update 2016-02 Leases (Topic 842). The new standard most significantly changes lessee accounting compared to existing US GAAP, but also has some targeted changes for lessor accounting. Overall, ASU 2016-02 seeks to improve transparency to the economics of lease transactions and bring lease accounting into line with other recently released accounting standards updates, such as the changes to Revenue from Contracts with Customers (Topic 606).

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Topics: FASB, lease accounting changes, David Lewin, Lease Standards

Lease Accounting Rules Likely to Change, but Not Immediately
Posted by Paul Languirand on Fri, Sep 27, 2013 @ 09:31 AM

Leasing assets is very common in a variety of fields, and for many companies that need certain assets, such as trucks, aircraft, real estate, manufacturing equipment and the like, leasing is key. Existing accounting models have been criticized by financial statement users for providing an incomplete picture of a company’s leasing activities. In order to provide greater transparency and a more accurate representation of leasing transactions, the International Accounting Standards Board (IASB) and the Financial Accounting Statements Board (FASB) recently released a revised proposal regarding accounting for leases.  While the revised proposal removes some of the controversial aspects of an earlier version, it would still lead to substantial change in lease accounting.

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Topics: Paul Languirand, lease accounting changes

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