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Outsourcing Your Lease Accounting: 4 Best Practices to Consider

You’re busy. With limited time and resources, and not enough people on staff, you’re considering passing the monumental task of transitioning to FASB Topic 842 and IFRS 16 on to an auditor and/or...

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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 Transition From Current to the New Lease Accounting Rules: A Comprehensive Example.

George Azih Lease Accounting Transition March 20, 2018

This week’s blog is a comprehensive example explaining how to transition from current GAAP to the new lease accounting standards. We will be using a real life scenario that one of our clients...

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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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5 Questions to Ask Potential Lease Accounting Software Vendors if You Lease Equipment

Chris Ramsey Lease Accounting, Lease Accounting Transition January 30, 2018

Do you report under GAAP or IFRS?  If so, you are most likely large enough to have both equipment and real estate leases in your portfolio.  After speaking with hundreds of companies, LeaseQuery,...

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IFRS 16 Transition Series for Lessees – Example 2

George Azih IFRS 16, Lease Accounting Transition January 3, 2018

In today’s article we will provide a detailed example of the full retrospective approach with the accounting entries that illustrate the transition impact of IFRS 16.

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IFRS 16 Transition Series for Lessees – Example 1

George Azih IFRS 16, Lease Accounting Transition December 19, 2017

This article answers how to transition from an operating lease under current IAS 17 to the single lessee accounting model – a finance lease using the cumulative effect approach.

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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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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

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

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