Mastering Tax Implications of ASC 842: Why CFOs Must Consult Tax Experts and Key Questions to Ask

The ASC 842 lease accounting standard, which mandates significant changes in how companies recognize and report their lease obligations, has far-reaching implications beyond just the domain of accounting. Its ripple effects extend into the tax realm, where intricate nuances can translate to substantial fiscal implications. For CFOs, navigating this maze without expert guidance is not... Continue Reading →

Mitigating Tax Risks with ASC 842 Training: A CFO’s Guide to Navigating Lease Accounting Complexities

The ASC 842 lease accounting standard, introduced by the Financial Accounting Standards Board (FASB), brought forth a paradigm shift in the way companies recognize and report lease obligations. While its primary aim was to enhance transparency in financial reporting, its complexity and nuances have paved the way for potential misunderstandings and misapplications. As the Chief... Continue Reading →

Optimizing Tax Exposure with Timely Lease Modifications: A CFO’s Guide to ASC 842 Compliance

In the dynamic environment of modern business, lease agreements aren't always static. They can be frequently modified to reflect changing business conditions or renegotiated terms between lessees and lessors. With the introduction of ASC 842, the manner in which these lease modifications are recognized and measured has profound implications for a company's financial statements and,... Continue Reading →

NPV or XNVP for ASC 842 Lease Accounting?

Before we get into Net Present Value (NPV) and Extended Net Present Value (XNPV) in lease accounting and lease analysis, let's break down the concept of present value (PV) and its application in lease accounting and analysis. The present value plays a foundational role in generating a lease amortization schedule. An amortization schedule breaks down... Continue Reading →

Calculating Rent Expense Under the ASC 842. Use 365 day or 360 day basis?

The ASC 842 Lease Accounting Standard, implemented by the Financial Accounting Standards Board (FASB), brought about significant changes to how companies recognize, measure, and present lease transactions in their financial statements. One of the critical aspects of lease accounting is determining the accurate expense associated with a lease, especially for operating leases. iLeasePro calculates on... Continue Reading →

Fostering Excellence: Building a Culture of Continuous Improvement Within Your Accounting Department

In the ever-evolving world of finance and accounting, the pursuit of excellence and efficiency is a constant endeavor. Building a culture of continuous improvement within your accounting department is the key to staying ahead in today's dynamic business landscape. In this blog post, we will explore the importance of cultivating a culture of continuous improvement,... Continue Reading →

10 Common ASC 842 Lease Accounting Mistakes

Here are some common mistakes lessees make when dealing with lease accounting according to the ASC 842 standards and how iLeasePro can easily help you avoid making them. 1. **Lease Misclassification**: Under ASC 842, leases should be classified as either operating or finance leases. Misclassifying a lease can significantly impact a company's financial statements. 2.... Continue Reading →

ASC 842 Lease Accounting Example Scenario

The ASC 842 Lease Accounting Standard was introduced by the Financial Accounting Standards Board (FASB) to establish new guidelines for lease accounting. Understanding how to build an ASC 842 Lease Accounting amortization schedule and record ASC 842 Lease Accounting journal entries is crucial for accurately reporting lease transactions. In this blog, we will walk through... Continue Reading →

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