Contact Us Follow Us :      | Find Us |
CBIZ Tofias

Subscribe to Our Blog

Client Satisfaction Survey Results

ClientSatisfaction_new

Follow Us

FASB Votes to Officially Delay Revenue Recognition, Leasing Standard
Posted by Chrissy Hammond on Tue, May 26, 2020 @ 03:32 PM

During the Financial Accounting Standards Board (FASB) board meeting on May 20, the Board voted to defer the adoption of ASC Topic 606, Revenue from Contracts with Customers, (Topic 606) for all entities that have not yet adopted the standard, by one year from the previous adoption date. It also approved a one-year deferral of the leasing standard for non-public business entities and not-for-profits. The deferrals are designed to provide flexibility to entities that may be struggling with preparing and issuing financial statements due to the unique circumstances presented by the COVID-19 pandemic.

Read More

Topics: FASB, Revenue recognition, leasing standard, COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act

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.

Read More

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.

Read More

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).

Read More

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.

Read More

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.

Read More

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

Popular Posts