Explore latest insights, tips, and trends on lease accounting from Nakisa
While many companies are scrambling to meet the approaching January 2019 deadline to comply with the new IFRS 16 or ASC 842 lease accounting standards, not all are waiting until the last minute.
It’s been a busy couple of years for accountants preparing to report within the framework of the new IFRS 9, 15, and 16 standards, and their US GAAP equivalent ASC 326, 606, and 842. The last remaining standard to adopt is IFRS 16 (ASC 842)
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
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.
