Preparing for the New Lease Accounting Rules
The new lease accounting rules – ASC Topic 842 were signed in 2016 with a long implementation window such that public companies must transition to the new rules in 2019. And while 2019 seems distant, many actions should begin now. The presentation requirements are to show 3 year’s P&L (2017, 2018, & 2019) and 2 […]
Executive Summary
The FASB version of the Leases project is expected to be issued within the next 2 weeks. The following is a brief summary of the proposed changes and transition plan for Lessee Accounting
FASB – Preparing for the Upcoming Leasing Standard
During the first quarter of 2016, the FASB will issue its new standard on Leases. While the standard will represent a significant improvement to financial reporting, it also will be a change for many organizations—particularly those who engage in significant activities as a lessee.
Convergence Lease Project
To help our clients better understand the FASB / IASB Convergence project and how it may affect their business, we have provided answers to the most common questions effecting lessees regarding the current state of the project.
Inception of the Lease
Issue: Identify the proper date of lease inception for multiple “takedowns” subject to a Master Lease Agreement. Inception of the lease. With the exception noted below, the date of the lease agreement or commitment, if earlier.
FASB and IASB Convergence Project
FASB and IASB Convergence Project Explained [dt_gap height=”10″ /] Check out CGCF’s Convergence Project white board video. The video highlights the proposed changes from the earlier stages of the project. Much has transpired since but some key issues still remain. These remaining issues in GAAP Lease accounting could potentially have major implications to all stakeholders in […]