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Lease Accounting Resource Center
Insights to help you navigate the ASC 842 reporting requirements
On February 25, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), its long-awaited final standard on the accounting for leases. This brings a revolutionary change in lease accounting that will affect entities across all industries.
The new standard requires lessees to recognize most leases on their balance sheet. It will also significantly affect the accounting for certain leases and may result in key impacts on an entity’s finances and operations which may mean that companies will need to implement new application solutions to manage these requirements.
We invite you to explore the following information about the new lease standard and adoption and implementation considerations. Our consulting team is committed to bringing you comprehensive customized solutions, delivering compliance with the new standard while also enhancing financial controls and optimizing the lease-to-pay process. Subscribe to our lease accounting insights email and receive new information directly to your inbox.
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Additional lease accounting resources
FASB expands ASC 606 deferral and approves limited deferral of ASC 842
On May 20, 2020, the FASB approved one-year effective date deferrals for certain entities for ASC 606 and ASC 842.
Here's why organizations should continue to implement GASB 87
Do not delay your GASB 87 lease implementation efforts because of the postponement of the GASB 87 effective date.
Annual update: State and local government accounting
Get the latest information on GASB standards that could affect your organization, including a detailed focus on the new OPEB standards.
U.S. GAAP and IFRS comparisons: Leases and interim reporting
We recently updated our U.S. GAAP vs. International Financial Reporting Standards comparisons on leases and interim reporting.
Proposed deferral for certain entities: ASC 606 and ASC 842
Due to the coronavirus, the FASB recently proposed a one-year effective date delay for certain entities for ASC 606 and ASC 842.
3 steps to adopting and implementing GASB 87 lease accounting rules
GASB 87 requirements can challenge government entities. Here are three steps to adopting and implementing the new leasing standard.
Coronavirus: FASB staff provides guidance on various issues
The FASB staff recently discussed answers to certain questions on financial-reporting topics related to the coronavirus pandemic.
FASB to provide limited deferrals for ASC 606 and ASC 842
FASB to propose deferring the effective dates of ASC 606 for private franchisors and ASC 842 for certain entities.
RSM helps a multinational manufacturing company implement ASC 842
A multinational consumer products client sought to implement ASC 842 with LeaseAccelerator as their selected lease technology solution.
Going public on an accelerated timeline with a conglomerate
How RSM conquered a time crunch in helping a large conglomerate prepare for an initial filing and life as a public company.
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