Lease Accounting Resource Center
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.
Accounting errors resulting from improper application of ASC 840 cannot be carried forward into the transition to ASC 842.
Key tax takeaways for privately held, middle market companies when adopting the new lease accounting standards.
The road to compliance with FASB ASC 842 can be fraught with challenges, but some best practices can help allow for a smoother transition.
A white paper to assist a lessee in identifying and understanding the applicable transition guidance in ASC 842.
For global companies, local languages, currencies, systems and regulations can make the implementation process challenging.
FINANCIAL REPORTING INSIGHTS
The CAQ recently issued a tool to help audit committees in their oversight responsibilities related to the new leases standard.
As you implement ASC 842 there are a number of key considerations that could have wide-ranging effects across an organization.
Guidance allows transparency for investors and financial statement users to assess the timing, amount, and cash flow from leases.
A brief and basic explanation of the new ASC 842 leases guidance highlighting what you need to know and consider now.
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