Lease Accounting

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Robert G. Hilbert

CPA, Managing Partner - Assurance

Accounting Standards Update, Leases (ASC 842) With the deadline to finalize implementation of the new lease accounting standard approaching for private companies, there are advantages to working with a firm with proven experience assisting companies with conversion to ASC 842. Our team will assist on all aspects of the implementation – from conducting the preliminary impact assessment to analyzing and categorizing existing leases, establishing policies and procedures for ongoing lease activity, addressing technology and infrastructure requirements, and project management. Our detailed plan will focus on potential challenges and risks along the way.

FASB proposes delay of lease accounting effective date

8/1/2019 | Robert G. Hilbert

The Financial Accounting Standards Board (FASB) voted to tentatively stagger effective dates for major accounting standards and to defer new standards on lease accounting (Topic 842) and credit losses (Topic 326).

68 %

of private companies have stated that they do not currently have a process in place to identify and account for embedded leases.

The New Lease Accounting Standard: Private Company Risks

1/8/2019 | Matthew Derba

In our prior lease accounting article, we reported on significant challenges companies face when implementing Topic 842, the FASB’s new lease accounting standard. Our goal for that article was to provide perspective on some of the implementation challenges private companies can expect to encounter.

The New Lease Accounting Standard Poses Significant Challenges for Private Companies

12/21/2018 | Marisa Garcia

In 2016, the Financial Accounting Standards Board (FASB) issued the new lease accounting standard - ASC 842, Leases - that modifies and replaces current financial accounting and reporting of lessees and lessors.

The CohnReznick Lease Accounting Toolkit

In the following short demonstration video, we offer a high-level review of CohnReznick’s proprietary Lease Accounting Toolkit. This easy to use model is designed as a cost-effective, scalable alternative to lease accounting software solutions to assist in the calculations associated with ASC 842, as well as a host of other concerns related to the standard.'

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How far along is your organization with its implementation process?

Based on the stage of the implementation process you are in for the new leasing accounting standard updates, register for our webinar series to help guide you.

The Leasing Standard- Taking Action and Challenges to Consider

Over the next 12 months, private companies will undertake the task of implementing the Financial Accounting Standard Board’s (FASB) new Leasing Standard (ASC 842). While this standard is generally viewed as being less complicated than the new revenue recognition standard (Topic 606), we believe there are unique implementation challenges.

We have not begun to assess our needs or have already developed an implementation strategy.
We have begun or have completed the implementation of the new standard.

The Leasing Standard- Maintaining Momentum Through the Final Stages

2/21/2019

In our first webinar ‘The Leasing Standard – Taking Action and Challenges to Consider‘, we discussed the challenges private organizations should be cognizant of as they work through the assessment phase of implementing the Financial Accounting Standard Board’s new Leasing Standard (Topic 842).

Any advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues. Nor is it sufficient to avoid tax-related penalties. This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.