new lease standard

Last-Minute Changes to Lease Accounting Rules

Accounting Standards Codification Topic 842, Leases, requires organizations to report the full magnitude of their long-term lease obligations on their balance sheets — a historic first. For private companies and nonprofits, the changes take effect this year. Public entities adopted the rules in 2019. While the Financial Accounting Standards Board

2022-10-11T08:40:59-06:00October 11th, 2022|

Updated Lease Standard Deadline Quickly Approaching for Private Companies

Updated accounting rules for long-term leases took effect in 2019 for public companies. Now, after several deferrals by the Financial Accounting Standards Board (FASB), private companies and private not-for-profit entities must follow suit, starting in fiscal year 2022. The updated guidance requires these organizations to report — for the first

2021-09-21T11:27:44-06:00September 21st, 2021|

FASB Gives More Time for Updated Revenue Recognition and Leases

Private companies and most nonprofits were supposed to implement updated revenue recognition guidance in fiscal year 2019 and updated lease guidance in fiscal year 2021. In the midst of the novel coronavirus (COVID-19) crisis, the Financial Accounting Standards Board (FASB) has decided to give certain entities an extra year to

2021-04-12T14:54:12-06:00June 10th, 2020|

Get Ready for the New Lease Standard

A new accounting rule for reporting leases goes into effect in 2019 for public companies. Although private companies have been granted a one-year reprieve, no business should wait until the last minute to start the implementation process. Some recently revised guidance is intended to ease implementation. Here’s an overview of

2021-04-12T14:56:45-06:00May 2nd, 2018|
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