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Lease Accounting – Understanding the Implementation of GASB 87
Publication | Oct 11, 2019
More About | Not-for-Profit | Public Sector & Government | Assurance | Lease Accounting | Performance & Growth | Risk & Regulatory

GASB 87 has been a significant topic of conversation for many organizations, including adaptation and implementation of the single model for accounting and reporting. In this article, we cover the major changes required by the new standard as well as possible complexities that governments may face as they work toward compliance with the new lease standard.

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Transition to ASC Topic 842, Leases
Publication | Apr 01, 2019
More About | Assurance | Lease Accounting

The purpose of this document is to illustrate a comprehensive example of how to transition from current GAAP (ASC 840) to the new lease accounting standard (ASC 842). This example uses a single lease example, rather than a portfolio of leases, to illustrate the accounting under current guidance, the transition entry to ASC 842, and go forward accounting for leases that existed at the effective date.

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FASB Accounting Standards Update 2019-01 Provides Clarity on Certain Leasing Standard Implementation Issues
Publication | Mar 25, 2019
More About | Assurance | Lease Accounting | Risk & Regulatory

On March 5, 2019 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-01, Leases (Topic 842): Codification Improvements. The update includes amendments that address issues brought to FASB’s attention by stakeholders about implementation issues. The following points are addressed specifically in the update:

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Three New Accounting Standard Implementation Deadlines Are Approaching Quickly – Are You Prepared?
| Jul 12, 2017
More About | Regional and Community Financial Institutions | Revenue Recognition | Lease Accounting | Risk & Regulatory

Three new accounting standards that will significantly impact financial institutions - revenue recognition, leases, and the current expected credit loss (CECL) model standards - are fast approaching, and their adoption could have significant financial and operational impacts. To prepare for implementation, audit committees and management should consider the following topics and monitor progress.

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Accounting and Assurance Year End Update: Private Company Edition
alert | Jan 13, 2017
More About | Audit, Reviews & Compilations | Assurance | Revenue Recognition | Lease Accounting | Performance & Growth | Risk & Regulatory

This document is intended to summarize select accounting standard setting activities that may have an impact on 2016 year-end private company financial reporting. For the purpose of this publication, the term “private company” is used on the basis that the referenced entity is not a Public Business Entity, or otherwise would meet public company reporting requirements under U.S. GAAP.

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Leases: The New Standard
DHG TV | Jul 11, 2016
More About | Assurance | Lease Accounting

On February 25, 2016, the Financial Accounting Standards Board issued a new standard that will govern the accounting for lease contracts beginning with the 2019 calendar year-end for public companies

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