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Codification Updates from the FASB

George Azih FASB Topic 842, ASC 842 July 21, 2018

The FASB just released some clarification to ASC 842. If you’ve been following closely, then you know that the standards have created some nuances that require further clarification. These updates...

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Attention CFOs and Controllers: With New Lease Accounting Standards Looming, Prevent Having to Update Your Resume in 2019

George Azih FASB 842, FASB Topic 842, Accounting June 29, 2018

What's at Stake if You Don't Comply with the New Lease Accounting Standards

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Why Using Excel Will Set You Up for Non-Compliance.

George Azih Accounting in Excel, FASB Topic 840, FASB Topic 842 June 29, 2018

Excel is an accountant’s best friend. The ubiquitous software has been around for over 30 years and most of us can’t imagine a world without it. It seems like it can do anything.

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Are You Ready for the New Lease Accounting Rules that Will Impact Your Financial Statements?

The world of Lease Accounting is set for a radical makeover. In January 2016, the International Financial Reporting Standards Foundation issued IFRS 16, and in February 2016, the U.S. Financial...

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How to Create a Lease Liability Amortization Schedule Under New Lease Rules

George Azih FASB Topic 842 April 3, 2018

Our previous blog on this topic focused on one important thing: How to calculate the present value of lease payments using Excel spreadsheets. This week, we will show you how to calculate the...

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7 Facts About Operating Leases Under the New Lease Accounting Rules

editor's note: to determine capital leases vs. operating leases, take our free test. 

This blog post summarizes – in plain English – Operating leases under the upcoming lease changes.

Operating...

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FASB’s Additional Lease Accounting Changes: 11/29/2017

George Azih FASB Topic 842 November 30, 2017

On November 29, 2017, the FASB issued a lease accounting standard simplification update for Topic 842. The FASB’s decisions strive to reduce costs and ease the implementation burden of Topic 842...

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

New Rules Go Into Effect in December 2018 But Apply Retroactively to Comparable Year Financials

Before you start the process of adopting FASB 842 and IFRS 16, it’s crucial that you understand the...

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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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