Explore latest insights, tips, and trends on accounting compliance (IFRS, ASC, Local GAAP, GASB, AASB) from Nakisa
The clock is ticking as organizations get set to meet the requirements of new lease accounting standards. Issued in February 2016, FASB Accounting Standards Codification (ASC) Topic 842, requires lessees to report assets and liabilities related to leases of one year or more, on
Verify! Your tickets, schedules, and agenda. Things can change last minute and you don’t want to be late, miss an important meeting, or worse still – to find that a meeting has been cancelled and you now have a large block of time to kill
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
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
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
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.
