The revised Exposure Draft on Lease Accounting should be issued in the near future. All interested parties should be prepared to review it and react to the revisions as quickly as possible. The FASB and the IASB have continued to discuss some major changes from the original proposal. Balance sheet recognition of other than short term leases should remain in place but we will want to review changes to issues such as the pattern of expense recognition. Other especially important issues will involve the proposed implementation date and how existing leases will be transitioned into the new accounting model. This revised document should provide a reasonably final roadmap to the new accounting model.
Tag Cloud#asc842 #leaseaccounting Accounting Integration Action Plan ASC 842 Cloud Technology Coronavirus covid 19 equipment lease Expense Classification FASB FASB effective date GAAP IASB ileasepro impact on lease accounting Lease Accounting Lease Accounting Changes lease accounting software Lease Analysis Lease Management real estate leases Sage Intacct tax implications