Accounting for an acquisition under the ASC 842 Lease Accounting Standard involves several steps, including identifying and evaluating the leases associated with the acquisition, and determining the appropriate accounting treatment for those leases. First, the acquirer must identify all leases that are associated with the acquired entity, including both operating and finance leases. This includes… Read More »
The ASC 842 Lease Accounting Standard, also known as Accounting Standards Update (ASU) No. 2016-02, is a set of guidelines established by the Financial Accounting Standards Board (FASB) for accounting for leases. The standard went into effect for public companies in 2019, and for private companies in 2020. The main goal of ASC 842 is… Read More »
Beverly, MA – iLease Management LLC, developer of the iLeasePro ASC 842 Lease Accounting solution, announced a strategic partnership with Zeal CRE to provide a one stop ASC 842 lease accounting and lease administrative solution for mid-market companies. “iLeasePro offers an uncomplicated approach to lease accounting for lessees and tenants of real estate and equipment… Read More »
Acumatica customers will now have access to an intuitive, cost-effective lease accounting solution that will simply the transition to the FASB ASC 842 standard BEVERLY, Mass.–(BUSINESS WIRE)–iLease Management LLC (“iLease”), developer of the iLeasePro, the cloud-based ASC 842 Lease Accounting solution announced today it has joined the Acumatica Development Network. “With this exciting partnership, Acumatica… Read More »
JMT Consulting partners with iLeasePro to provide a cloud-based ASC 842 lease accounting and management technology solution to nonprofits. Nashville, TN: JMT Consulting today announced a new partnership with iLeasePro. This new partnership will give JMT’s clients access to a cloud-based lease accounting and management technology solution. John Meedzan, Managing Partner, said, “Prompted by the… Read More »
Let us explain why this is a very risky approach to this complex compliance. Spreadsheets are great for certain situations, but complying to the ASC 842 is not one of them. Spreadsheets will not provide the ability to consolidate your lease data, scalability as you grow, provide consistent calculation accuracy, minimize human errors, high level… Read More »
iLeasePro released a new feature for CPA, Advisory, and Consulting firms to manage and support multiple clients transition and adoption to the ASC 842 Lease Accounting Standard at the click of a button.
The FASB ASC 842 Lease Accounting Standard for lease accounting is now in effect for both public and non-public companies. This standard will be required of many business entities throughout the United States. The accounting change makes lease management and accounting much more complex. The ASC 842 accounting model requires more sophisticated financial calculations and… Read More »
The FASB Accounting Standards (ASU) for topic ASC 842, Lease Accounting, became effective at the end of 2021 for all reporting periods after December 15th 2021. This standard brings about significant changes across many different industries. With the new standard in effect, public and private companies must ensure they are following the new accounting guidelines. Apart from being compliant, companies… Read More »
The ASC 842 Impact to the Hospitality Industry whitepaper dives into the details and offers an example of what one might consider a typical situation may the best way to demonstrate the effect on the financial statements of the provisions in ASC 842 versus current GAAP accounting requirements.