Choosing the right adoption method for new accounting standards is crucial for compliance and financial accuracy. Delve into the advantages and challenges of each method, and determine which method best fits your business needs for a smooth transition....
In 2016, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) issued new requirement standards for lease accounting: IFRS 16 & ASC 842, which must be implemented by 2019....
Explore how the 4-4-5 calendar can streamline financial processes, improve budget accuracy, and simplify fiscal period comparisons. While offering significant benefits, it also introduces challenges, such as system adjustments and complexities in transitioning from a traditional calendar. Dive into the details and learn how to navigate these potential hurdles effectively....
This article addresses the challenges of identifying embedded leases within contracts when adopting the IFRS 16 and ASC 842 lease accounting standards. It emphasizes the need for robust processes and tools to determine if a contract contains an embedded lease according to the requirements of these standards....
The Financial Accounting Standards Board, or FASB, has made decisions it hopes will reduce costs and ease the burden for companies working to adopt new lease accounting rules known as ASC Topic 842. In response to feedback about the effort required to reflect the new rules in all years in a set of financial statements, the FASB is offering a scaled-back approach that leaves prior years untouched....
A quick recap for those not already familiar with the new lease accounting standards: organizations worldwide are required to bring most leases on-balance sheet as obligations and liabilities by January of 2019....
The new lease accounting standards, IFRS 16 and ASC 842, are the result of a joint effort between the IASB and FASB to meet the objective of improved transparency, comparability and financial reporting requirements....
As the go-live date for the new lease standards (ASC 842 & IFRS 16) is approaching fast, businesses should consider the practical expedients available to ease the burden of adoption and transition....
Spreadsheets are an accountant’s best friend. The flexibility that a spreadsheet offers is fairly compelling and it’s no wonder it’s the first solution that comes to mind when thinking of complex calculations. It is then no surprise that businesses have been looking to spreadsheet solutions for transitioning to the new lease standards. ...
The post announces the release of Nakisa Lease Administration version 5.1, which delivers several new enhancements including improved reporting capabilities, new user management features for roles and audit trails, and updates to support stronger compliance with lease accounting standards like IFRS 16 and ASC 842....
