Category: lease

The FASB clock is ticking – And your leases

February 22, 2017 Posted by

Leases are contracts that control the right to use something for consideration, and companies use them to benefit from plant and equipment as well as to provide customer-facing services. With the new FASB rules, how contracts are accounted for has changed, therefore there is a need to identify the essential attributes of your leases so […]

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It’s been years, but now, finally!

February 25, 2016 Posted by

The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) intended to improve financial reporting about leasing transactions. The ASU affects all companies and other organizations that lease assets such as real estate, airplanes, and manufacturing equipment. The changes are significant and follow on the heels of similar international guidelines recently announced […]

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Is it a lease? New rules from IASB

February 11, 2016 Posted by

The International Accounting Standards Board (IASB) just issued its new rules on lease accounting, and in the U.S., the Federal Accounting Standards Board (FASB) is about to do the same. The biggest change by IASB is for lessees, no more with there be operating leases separate from finance leases. All leases go on the balance […]

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