Knowledge Share

GrowthCast Episode 20: Lease Concession Considerations

Podcast | Jun 17, 2020
More About | Assurance | Lease Accounting | Performance & Growth | Risk & Regulatory | COVID-19

When conserving cash flow is paramount, lease concessions can help provide some temporary relief. In this podcast episode, Rob Cherry walks through the financial reporting considerations when you are determining whether or not to request a lease concession.

FASB Issues Delay to Effective Dates of ASC 606 and ASC 842 for Private Companies and Not-For-Profit Entities

Publication | Jun 04, 2020
More About | Not-for-Profit | Assurance | Revenue Recognition | Lease Accounting | Performance & Growth | Risk & Regulatory | COVID-19

On Wednesday, June 3, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities.

Lease Standard: Impact on Tech and Life Sciences Companies

Publication | Jun 04, 2020
More About | Technology & Life Sciences | Audit, Reviews & Compilations | Assurance | Attest Services | Lease Accounting | Risk & Regulatory | COVID-19

By delaying the effective date for non-public business entities, FASB has created an opportunity for technology and life sciences companies to fully consider the impact of ASC 842 and prepare for the upcoming transition.

FASB Votes to Delay Effective Date of ASC 606 and ASC 842 for Private Companies and Not-For-Profit Entities

Publication | May 21, 2020
More About | Not-for-Profit | Assurance | Revenue Recognition | Lease Accounting | COVID-19

On Wednesday, May 20, the Financial Accounting Standards Board (FASB) met virtually to discuss comment letter feedback on the proposed Accounting Standards Update (ASU), Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities.

Lease Standard – Impact to the Dealership Industry’s Key Metrics and Financial Covenants

Publication | Mar 12, 2020
More About | Dealerships | Assurance | Lease Accounting | Performance & Growth | Risk & Regulatory

In February 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU 2016-02) for Accounting Standards Codification (ASC) 842, Leases, that defines new principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. Under this new standard, a company is required to recognize most leases on its balance sheet, whether it was previously treated as a capital lease or an operating lease.

Lease Accounting Standard Impact

Publication | Nov 18, 2019
More About | Government Contracting | Assurance | Lease Accounting

Government contractors, particularly those with significant operating lease activity under current lease accounting guidance, can take advantage of the delayed effective date of ASU 2016-02 to prepare for implementation.​

The Impact of the Lease Accounting Standard on Construction Companies

Publication | Nov 18, 2019
More About | Construction | Assurance | Lease Accounting

On Nov. 15, 2019, the FASB announced a delay in the effective date of the ASU for non-public business entities, who are now required to apply ASU 2016-02 for reporting periods beginning after Dec. 15, 2020.

FASB Finalizes Effective Date Delays for Major Accounting Standards

Alert | Nov 15, 2019
More About | Agribusiness | Banking | Construction | Dealerships | Education | Energy | Financial Services | Government Contracting | Healthcare | Hospitality & Restaurants | Insurance | Manufacturing & Distribution | Not-for-Profit | Private Client Services | Private Equity | Professional Services | Public Sector & Government | Real Estate | Retail | Technology & Life Sciences | Transportation & Logistics | Assurance | Lease Accounting | Performance & Growth | Risk & Regulatory | CECL

Today, the Financial Accounting Standards Board (FASB) issued two Accounting Standards Updates (ASUs) that finalize various effective date delays for standards on current expected credit losses (CECL), leases, hedging, and long-duration insurance contracts.

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.

Third Quarter 2019 Accounting & Assurance Update

Alert | Sep 16, 2019
More About | Assurance | Lease Accounting | Risk & Regulatory | CECL

The developments included in this Accounting and Assurance (A&A) Update are intended to be a reminder of recently issued accounting and auditing standards and other guidance that may affect our clients in the current reporting period.

Lease Accounting | Part 4: Determining the Lease Term

DHG TV | Jul 02, 2019
More About | Assurance | Lease Accounting

Determining the Lease Term for Lease Accounting (ASC Topic 842)

Lease Accounting | Part 3: Lease and Non-lease Components and Determining the Discount Rate

DHG TV | Jul 02, 2019
More About | Assurance | Lease Accounting

Lease and Non-lease Components and Determining the Discount Rate for Lease Accounting (ASC Topic 842)

Lease Accounting | Part 2: Transition Practical Expedients

DHG TV | Jul 02, 2019
More About | Assurance | Lease Accounting

Transition Practical Expedients for Lease Accounting (ASC Topic 842)

Lease Accounting | Part 1: How to Get Started

DHG TV | Jul 02, 2019
More About | Assurance | Lease Accounting

How to Get Started with Lease Accounting (ASC Topic 842)

First Quarter 2019 Accounting & Assurance Update

Alert | Apr 04, 2019
More About | Assurance | Revenue Recognition | Lease Accounting | Risk & Regulatory

The developments included in this Accounting and Assurance Update are intended to be a reminder of recently issued accounting and auditing standards and other guidance that may affect our clients in the current reporting period.

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.

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:

Broker-Dealers: Impact of the New Lease Standard (ASC 842) on Net Capital

Publication | Mar 21, 2019
More About | Broker-Dealers & Registered Investment Advisors | Financial Services | Lease Accounting | Performance & Growth | Risk & Regulatory

Beginning Jan. 1, 2019, broker-dealers are required to reflect operating leases on their balance sheets through the capitalization of a right-of-use asset and corresponding lease liability under Accounting Standards Update No. 2016-02, Leases.

Leases: Not Just for the Footnotes Anymore

Publication | Jan 11, 2019
More About | Manufacturing & Distribution | Assurance | Lease Accounting

Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2016-02 Leases (Topic 842) is a new standard that will govern the accounting for lease contracts beginning with the 2019 c

Implementation Considerations for Leases: Initial Direct Costs

Publication | Jan 03, 2019
More About | Financial Services | Regional and Community Financial Institutions | Lease Accounting

As financial institutions work toward successful implementation of Accounting Standards Codification Topic 842, Leases (ASC 842), one area that may be of particular importance is accounting for the in

Fourth Quarter 2018 Accounting & Assurance Update

Alert | Dec 20, 2018
More About | Assurance | Advisory | Revenue Recognition | Lease Accounting | Risk & Regulatory

The developments included in this Accounting and Assurance (A&A) Update are intended to be a reminder of recently issued accounting and auditing standards and other guidance that may affect our cl

Third Quarter 2018 Accounting & Assurance Update

alert | Sep 18, 2018
More About | Assurance | Revenue Recognition | Lease Accounting | Risk & Regulatory

The developments included in this Accounting and Assurance (A&A) Update are intended to be a reminder of recently issued accounting and auditing standards and other guidance that may affect our cl

Lease Update: Impact to Dealerships

Publication | Aug 28, 2018
More About | Dealerships | Lease Accounting | Performance & Growth

In February, 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standard Update (ASU 2016-02) that amends the accounting guidance on leases. The guidance defines new principles

Second Quarter 2018 Accounting & Assurance Update

alert | Jun 22, 2018
More About | Assurance | Revenue Recognition | Lease Accounting | Risk & Regulatory

The developments included in this Accounting and Assurance (A&A) Update are intended to be a reminder of recently issued accounting and auditing standards and other guidance that may affect our cl

First Quarter 2018 Accounting & Assurance Update

alert | Apr 13, 2018
More About | Assurance | Revenue Recognition | Lease Accounting | Risk & Regulatory

The developments included in this Accounting and Assurance (A&A) Update are intended to be a reminder of recently issued accounting and auditing standards and other guidance that may affect our cl

First Quarter 2017 Accounting, Reporting and Auditing Developments

alert | Apr 10, 2017
More About | Manufacturing & Distribution | Assurance | Revenue Recognition | Lease Accounting | Risk & Regulatory

The developments included in this Accounting and Assurance (A&A) Update are intended to be a reminder of recently issued accounting and auditing standards and other guidance that may affect o