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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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