Category Archives: FASB and IASB Lease Accounting Updates

Up to date information, articles, discussions on the proposed FASB and IASB Lease Accounting Changes

Summary of Leases at 12/2 FASB Meeting

TENTATIVE BOARD DECISIONSTentative Board decisions are provided for those interested in following the Board’s deliberations. All of the reported decisions are tentative and may be changed at future Board meetings. December 2, 2020 FASB Board MeetingPost-implementation Review: Accounting Standards Update No. 2016-02, Leases (Topic 842). The Board discussed feedback received to date during the post-implementation review (PIR) of… Read More »

Impacts of COVID-19 on Lease Accounting (ASC 842)

As the world continues to grapple with an invisible enemy, our daily lives aren’t all that have been impacted. Companies as a whole have been unable to collect or pay rent on their leased assets, while the changes in ASC 842 have meant that lease accountants all over the globe following GAAP have had to go through their books thoroughly… Read More »

Tax Implications of ASC 842: Lease Accounting Standards

  The ASC 842 changes haven’t just changed how leases are handled in books, but also the tax implications that come along with it.   There are seven key areas where lease accounting tax implications will take effect. Here, we’ll discuss those seven areas in detail to give you an overview of what’s going on.   Tax Implications of ASC 842 Changes … Read More »

Changes in ASC 842 Topic Lessee Application of Rate Implicit in the Lease – Is the Use of IBR Enough?

In a previous post, we discussed how FASB is finalizing a change in ASC 842: Lease Accounting. As it stands, the change is set to impact every business that adopts GAAP to settle their books. FASB had been releasing updates every now and then to ensure that the new changes are well understood and implemented by the effective date.  Although… Read More »

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… Read More »