When General Dynamics Mission Systems started implementing FASB’s new leases standard, Adena Lerner was told it would take hours to extract the information from each lease that is needed to comply ...

Moving the measurements of operating leases from the footnotes of GAAP financial statements under FASB ASC Topic 840, Leases, to the balance sheet as assets and liabilities under Topic 842, Leases, ...

The Financial Accounting Standards Board (FASB)  issued the report on Post-Implementation Review: Leases (Topic 842). The Post-Implementation Review (PIR) process is an important quality ...

The 2016 standard on leases met its objective of providing investors with useful information, but the costs of implementing and maintaining it were high.

Almost overnight, lease accounting has morphed into one of the profession's biggest headaches, as more than 300 companies have had to restate their financials, citing, among other issues, corrections ...

Leasing is an integral part of the everyday activity of most businesses. A business may lease its premises consisting of offices, factories and warehouses. Additionally businesses often lease other ...

This story appears in the March 14 print edition of Transport Topics. Long-awaited nationwide lease accounting standards will require fleets to take a close look at their accounting procedures to ...

Rochester Institute of Technology adopted the Financial Accounting Standards Board (FASB) new accounting guidance on leases FASB Accounting Standards Codification Section 842 ("ASC 842") on July 1, ...

Any business that leases anything for an extended period of time — generally, more than one year — will be impacted by a proposed new accounting standard. “This may appear arcane to some, but the new ...

As we enter the final months of 2022, accounting departments should feel like they are crossing a new finish line. This year, many private companies had to adopt ASC 842, an accounting standard ...

Last year, the Financial Accounting Standards Board (FASB) provided private companies with an extra year to adopt lease accounting standard ASC 842. When this was announced, 63.8% of surveyed private ...