CPA, Managing Partner - Assurance
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Lease Accounting: Your Guide Through Change
FASB Proposes Delay of Lease Accounting Effective Date
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). In addition, FASB voted to defer amendments to accounting for derivatives and hedging (Topic 815) for certain reporting entities.
Read MoreThe New Lease Accounting Standard Poses Significant Challenges for Private Companies
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. Public companies are required to adopt the new standard for fiscal years beginning after December 15, 2018, while private companies have an additional year to comply.
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The New Lease Accounting Standard: Private Company Risks
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. Public companies will be adopting the new lease accounting standard in 2019, with private companies following in 2020. As the effective date of the new standard inches ever closer, we continue to urge private companies to devise and begin executing their transition strategies now, leaving ample time to address unforeseen challenges. We believe that applying a wait-and-see approach is not the best course of action, and could result in your transition efforts getting bogged down in unforeseen quicksand.
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Based on the stage you are in, register for our webinar series to help guide you through the implementation process.
EARLY STAGES:
We have not begun to assess our needs or have already developed an implementation strategy.
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.
FINAL STAGES:
We have begun or have completed the implementation of the new standard.
The Leasing Standard- Maintaining Momentum Through the Final Stages
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).