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 …
Category Archive: Uncategorized
Jul 10 2016
iLeasePro’s FASB and IASB Lease Accounting Changes LinkedIn Group continues to grow
Our LinkedIn group, FASB and IASB Lease Accounting Changes, is growing fast. We are closing in on 500 members. This is a great group to discuss the FASB and IASB Lease Accounting changes with as you begin thinking about preparing for the changes. https://www.linkedin.com/groups/FASB-IASB-Lease-Accounting-Changes-3852961
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 …
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 …
Feb 19 2016
FASB expected to finalize lease accounting standards on Thursday, February 25, 2016
According to Bloomberg BNA website, on Thursday February 25, 2016 the FASB plans to release its long-gestating standard on lease accounting. http://www.bna.com/feb-25-lessees-b57982067497/
Feb 13 2016
FASB hoping to issue lease accounting standard by February 29, 2016
The Financial Accounting Standards Board LEASE ACCOUNTING Feb. 9: New U.S. lease accounting rules that will leave deep impacts on many companies’ balance sheets are expected to be issued in the last week of February, sources at the Financial Accounting Standards Board told Bloomberg BNA. FASB hopes to issue the final lease accounting standard after …
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 …
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 …
Jan 06 2016
IASB expected to issue the new lease standard on Wednesday, January 13, 2016
According to the Massachusetts Society Of CPAs, the IASB is expected to issue the new lease standard on January 13, 2016 – next Wednesday. They also expect that the FASB will issue the same standard on that day.
Nov 12 2015
Lease Accounting Standard Effective Date
At its November 11, 2015 meeting, the Financial Accounting Standards Board (“FASB” or “the Board”) decided in principle to approve the proposed changes to lease accounting. We would expect that the final leases standard would be published in the first quarter of 2016. Additionally, at this meeting, the FASB decided that for public business entities, …
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