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FASB Votes to Delay Leasing Standard Amid Coronavirus Concerns
Posted by Chrissy Hammond on Wed, Apr 8, 2020 @ 03:15 PM

Private companies and not-for-profit organizations are expected to have an additional year to adopt the changes to lease accounting in ASC Topic 842, Leases. The Financial Accounting Standards Board (FASB) voted April 8 on a proposal to further push out the effective date of the accounting changes to give non-public business entities and not-for-profit entities, including those that are conduit debt obligors, more time to work through the fallout from the COVID-19 pandemic and its related impacts.

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Topics: asc topic 842, Leases, COVID19, Coronavirus

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

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