Recent surveys from EY, PWC and Deloitte highlight that many public companies have found significant challenges in the successful transition to the ASC 842 standard. The transition has taken more time and effort than anticipated for most. Private companies are required to comply by the end of 2019 and should consider applying the lessons learned …
Dec 02 2018
Sage Intacct and iLeasePro Announce Major Integration Enhancement
iLease Management LLC (“iLease”), developer of iLeasePro, an enterprise cloud-based Lease Management and Accounting solution, has announced a major step forward in its strategic partnership and integration with Sage Intacct, a leader in cloud-based financial management and accounting software. iLease has released the capability to take advantage of Sage Intacct’s dimension feature to seamlessly track …
Aug 31 2018
Implementing the New Lease Accounting Standard
Leases (Topic 842) was issued by the Financial Accounting Standards Board (“FASB”) in February 2016 and represented a rather substantial change in how leases are to be accounted for, especially for lessees. More than 30 months have gone by and the effective date to implement the new standard is fast approaching. The effective date for …
Feb 15 2018
The New Lease Accounting Standard – How Recordkeeping Will Evolve
The New Lease Accounting Standard – How Recordkeeping Will Evolve
Jan 19 2018
New Transition Option for Lease Standard
Earlier this month, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) which would provide an additional transition option when adopting the new lease accounting standard. Under the proposed ASU, organizations would have the option to use the effective date as the date of adoption instead of at the earliest comparative …
Sep 15 2017
Governmental Accounting Standards – Leases
In June 2017, the Governmental Accounting Standards Board (“GASB”) issued Statement No. 87 – Leases which establishes new accounting standards to be applied to all lease transactions for state and local governments. The Standard is effective for fiscal periods beginning after December 15, 2019 with earlier application encouraged. The governmental standard follows most of the …
Apr 30 2017
iLeasePro adds Subsidiary / Operating Entity capabilities
The Subsidiary function in iLeasePro allows a corporation with multiple subsidiaries to maintain its entire corporate wide lease portfolio on a single iLeasePro platform. When it is time to upload periodic journal entries to a general ledger system of record, the user designates the subsidiary to which the lease is associated and the entry is …
Jul 10 2016
iLeasePro’s FASB and IASB Lease Accounting Changes LinkedIn Group continues to grow
Our LinkedIn group, FASB and IASB Lease Accounting Changes, is growing fast. We are closing in on 500 members. This is a great group to discuss the FASB and IASB Lease Accounting changes with as you begin thinking about preparing for the changes. https://www.linkedin.com/groups/FASB-IASB-Lease-Accounting-Changes-3852961
Jun 16 2016
New Lease Accounting Standard – Implementation Challenges
A survey on the impact of the new lease accounting standard (as it pertains to lessees) was recently completed and its results validated some of the feedback that we have been providing over the last few years about how organizations are responding to the new change and major pain points that must be addressed as …
May 27 2016
The New Lease Accounting Standards and Technology Requirements
Earlier this week, I participated on a webinar on the new lease accounting standards. The webinar was given by one of the major accounting firms and was specifically directed at how the new lease standards will impact lessees. One of the polling questions asked of participants during the course of the webinar was whether, in …
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