Aug 31 2018

Implementing the New Lease Accounting Standard

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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 …

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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 …

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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 …

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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 …

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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 …

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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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Mar 16 2016

New Lease Standard – Focus on Executory Costs

One of the areas of the new lease standard that has not received that much attention is executory costs. However, as lessees consummate new leases that must be transitioned into the new standard, this is an area that should not be overlooked. Executory Costs that Transfer a Good or Service The new lease standard only …

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Feb 26 2016

New Lease Accounting Guidance Issued

The Financial Accounting Standards Board (“FASB”) issued the new lease accounting standard on February 25, 2016. As it pertains to lessees, the new standard requires that the liability for all leases (except narrowly defined short-term leases) must be recognized on the balance sheet of a lessee at the discounted present value of future lease payments …

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