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Are you prepared for the transition to IFRS 16 - the new lease accounting standard?

George Azih Lease Accounting, IFRS 16, Lease Accounting Standard November 30, 2017

The IFRS 16 Effective date is fast approaching

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Lease Accounting Transition Guide for FASB 842 and IFRS 16 Part II: Step by Step Guide on Adopting the New Lease Accounting Standards

Note that this is the second part of a series of blog articles addressing how to adopt the new lease accounting standards for FASB 842 and IFRS 16. To read part 1, please click here.

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Capital Lease Accounting: A Comprehensive Example

George Azih Capital Lease Accounting, FASB Topic 840 September 12, 2017

In today’s blog post, we will discuss and explain capital lease accounting. We will utilize a detailed example to illustrate the accounting entries involved, but let us stress that this example...

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Tax Effect of Deferred Rent Under Current GAAP Lease Accounting Rules

George Azih Lease Accounting, GAAP, Tax, Deferred Rent Accounting August 29, 2017

In this blog post, we will explain how deferred rent affects income tax under current lease accounting rules. We want to stress that this blog post covers it and income taxes under CURRENT rules...

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Why Your Accounting for Tenant Improvement Allowances is Dead Wrong.

Russell Bowles Tenant improvement allowance accounting December 20, 2016

In this post, I will explain the correct way to account for Tenant Improvement Allowances and other Lease Incentives under the current GAAP lease accounting rules.  Note that incentives refer to...

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How to Account for Lease Amendments that Expand the Leased Premises

George Azih FASB Topic 840 December 8, 2016

In a prior post, we explained how to account for leases when the Tenant MUST expand the premises under the terms of the initial lease. In this blog post, we will explain how to account for a lease...

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6 Lease Accounting Errors You’re Making (And How to Fix Them) - Part 1

George Azih Lease Accounting Errors December 8, 2016

To err is human. To forgive is against company policy. Our last blog addressed how to Account for Lease Amendments that Expand the Leased Premises. In today’s article, we will explain the 6 common...

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FASB/IASB Lease Accounting Divergence

George Azih Lease Accounting Transition, FASB Topic 842 December 7, 2016

FASB/IASB lease accounting “Divergence.”  Far from converging, the FASB and IASB have decided to take different routes concerning lease accounting. While both boards decided to capitalize all...

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New Accounting Rules: Accounting for Subleases

George Azih Sublease Accounting, FASB Topic 842 December 7, 2016

The FASB and IASB decided that an intermediate lessor (that is, an entity that is both a lessee and a lessor of the same underlying asset) should account for a head lease and a sublease as two...

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How to transition from an operating lease under current GAAP to an operating lease under the new lease accounting standard (Topic 842)

George Azih Operating Lease, Lease Accounting Transition December 7, 2016

We've updated our transition guide Click here to take it with you

 

In this post I will explain how to transition from the current lease accounting rules to the new lease accounting rules. Specifically, we will...

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