Category Archive: iLeasePro

Updates, discussions, events, news about the iLeasePro SaaS Lease Management and Accounting Solution

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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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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Feb 08 2016

Six Reasons Not to Use Spreadsheets for Lease Management and Accounting

A change in lease accounting has recently been finalized which will affect many business entities throughout the world. The accounting change will make lease management and accounting more complex. The new accounting model will require more sophisticated financial calculations and will mandate more monitoring and tracking of lease details. A recent survey found that more …

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Jan 18 2016

IFRS 16 Leases

On January 13, 2016, the International Accounting Standards Board (“IASB”) issued International Financial Reporting Standard 16 Leases (“IFRS 16” or “the Standard”) substantially changing the manner in which lessees account for leases. IFRS 16 is effective for annual periods beginning on or after January 1, 2019. The Financial Accounting Standards Board is expected to issue …

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Oct 06 2015

Middle Market, Technology and iLeasePro

The October 6, 2015 edition of the Wall Street Journal contained a Journal Report dealing with the biggest opportunities and threats that Middle Market companies face. In what may be surprising to many, the WSJ defines Midsize Companies as those that have revenues between $10 million and $1 billion (these are companies of substantial size …

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