Believe it or not, there’s a silver lining to the big changes to lease accounting under ASC 842 and IFRS 16. Just like climbing a high mountain gives you a perspective you can’t get from the valley floor, once you’ve completed the massive task of
A 2018 survey by PwC indicated that nearly one-third of companies making significant changes to their lease accounting systems were unsure or did not think they would make the effective date of the new standards.
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
The importance of comprehensive accurate lease data collection on lease accounting under IFRS 16 and ASC 842 standards
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
“Time is on my side, yes it is.” It’s a great sentiment. But the Rolling Stones obviously weren’t writing about the upcoming IFRS 16 and ASC 842 lease accounting standards when they wrote their classic song. With only a little more than six months until
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
