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Transitioning Clients to the FASB ASC842 Lease Accounting Standard: A Guide for Advisory Firms

iLease Management LLC (“iLease”) has been providing insightful research and recommended approaches into the proposed lease accounting changes since 2011. We do provide a brief overview and update of the proposed lease accounting changes in this document, but you will find that this whitepaper is different than others that we have authored. In this whitepaper… Read More »

Are types of businesses that are probably not good candidates for a lease accounting software?

Lease accounting software is not a substitute for a good lease accountant. The person entering the data in a lease accounting software must understand the lease accounting requirements and interpret lease contracts correctly. Leases that require frequent reassessments of discount rates, lease terms, lease payments, and lease classification are not good candidates for such software.… Read More »

What size and types of businesses will best benefit from using Lease Accounting software? Why?

A company with more than ten active leases must consider a lease accounting solution. The new accounting standard requires more sophisticated financial calculations and detailed monitoring and tracking of leases. Companies will find it extremely challenging to use spreadsheets for lease accounting because of the following limitations of spreadsheets:  Lack of ability to track changes: One cannot track changes in spreadsheets. Employees can deliberately or inadvertently overwrite spreadsheet data. Therefore, spreadsheets do not meet internal… Read More »

iLease Management Launches iLeaseXpress, the Most Cost-Effective, Intuitive, and Accurate ASC 842 Lease Accounting Solution for Companies with Under 15 Leases

iLeaseXpress is a cloud-based lease accounting solution providing compliance to the ASC 842 lease accounting standard for private companies that have less than 15 leases. Powered by iLeasePro, the company’s flagship lease accounting solution, iLeaseXpress offers companies with smaller lease portfolios the ability to transition to and adopt the complex ASC 842 lease accounting standards for… Read More »

How Will the New Guidance Improve Lease Accounting?

The Accounting Standards Upgrade (ASU) for topic ASC 842, Lease Accounting, has been issued by the FASB after years of consideration, bringing about significant changes in the industry as a whole. With the new standard in effect, public and private companies must ensure they are following the new accounting guidelines.   Apart from being compliant, companies can reap several benefits from implementing the new principles.… Read More »

Summary of Leases at 12/2 FASB Meeting

TENTATIVE BOARD DECISIONSTentative Board decisions are provided for those interested in following the Board’s deliberations. All of the reported decisions are tentative and may be changed at future Board meetings. December 2, 2020 FASB Board MeetingPost-implementation Review: Accounting Standards Update No. 2016-02, Leases (Topic 842). The Board discussed feedback received to date during the post-implementation review (PIR) of… Read More »

Impacts of COVID-19 on Lease Accounting (ASC 842)

As the world continues to grapple with an invisible enemy, our daily lives aren’t all that have been impacted. Companies as a whole have been unable to collect or pay rent on their leased assets, while the changes in ASC 842 have meant that lease accountants all over the globe following GAAP have had to go through their books thoroughly… Read More »