Let us explain why this is a very risky approach to this complex compliance. Spreadsheets are great for certain situations, but complying to the ASC 842 is not one of them. Spreadsheets will not provide the ability to consolidate your lease data, scalability as you grow, provide consistent calculation accuracy, minimize human errors, high level… Read More »
iLeasePro released a new feature for CPA, Advisory, and Consulting firms to manage and support multiple clients transition and adoption to the ASC 842 Lease Accounting Standard at the click of a button.
The FASB ASC 842 Lease Accounting Standard for lease accounting is now in effect for both public and non-public companies. This standard will be required of many business entities throughout the United States. The accounting change makes lease management and accounting much more complex. The ASC 842 accounting model requires more sophisticated financial calculations and… Read More »
The FASB Accounting Standards (ASU) for topic ASC 842, Lease Accounting, became effective at the end of 2021 for all reporting periods after December 15th 2021. This standard brings about significant changes across many different industries. With the new standard in effect, public and private companies must ensure they are following the new accounting guidelines. Apart from being compliant, companies… Read More »
Are you a business owner or employee who manages commercial equipment leases? If so, then you know that when keeping track of important lease information, things can get out of hand quickly. This is especially true if you manage multiple leases or lease types. As a working professional, you don’t have time to double as… Read More »
iLeaseXpress has received Honorable Mention in the Lease Accounting Tools category in the 2022 Top Accounting Products of Accounting Today. Additional information can be found on the Accounting Today website. “We are very proud and honored to receive this award from Account Today”, stated John Meedzan, Managing Partner of iLease Management LLC. “We want to… Read More »
iLease Management LLC (“iLease”) has been providing insightful research and recommended approaches into the proposed lease accounting changes since 2011. We do provide a brief overview and update of the proposed lease accounting changes in this document, but you will find that this whitepaper is different than others that we have authored. In this whitepaper… Read More »
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… Read More »
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… Read More »
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 »