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… Read More »
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.
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,… Read More »
The lease accounting project is getting much closer to finalization. At its October meeting, the Financial Accounting Standards Board (“FASB” or “the Board”) discussed the comments received as a result of an external review of the latest draft document. Although a significant number of comments were received, the Board made few changes to the proposed… Read More »
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… Read More »
Most measures of productivity are presented in the form of Key Performance Indicators (“KPIs”). However, we at ILeasePro believe that there are other performance attributes which may not be quantifiable in the sense of KPIs but are equally important to consider in making a selection of a technology solution. When we designed iLeasePro, we considered… Read More »
There has not been much publicity over the last two months about the proposed changes to lease accounting. However, it is our understanding the staffs of the Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”) (collectively “the Boards”) are near completion of a final standard to be issued by each of… Read More »
There has been much focus on the specific calculations required to comply with the proposed leasing standards. However, with the final standard expected to be issued in the fourth quarter of this year, financial statement preparers should also focus on the proposed disclosure requirements. The Financial Accounting Standards Board (“FASB”) and the International Accounting Standards… Read More »
At its April 7, 2015 meeting, the Financial Accounting Standards Board (“the Board”) continued the redeliberations on its Lease Accounting Project, specifically focusing on matters relating to lessees that are not public business entities (“PBEs”). The Board had previously determined that entities that are not PBEs could make an accounting election to use a risk… Read More »
The Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”), collectively (“the Boards”) met separately in February 2015 and substantially concluded their redeliberations on the proposed changes to lease accounting. The Boards came to different conclusions on a number of matters. Regarding lessee transition to the new accounting standard, the FASB decided… Read More »