Effective for fiscal years beginning January 1, 2020, a new approach for accounting and reporting leases will be required for state and local governments under…
A Discussion of Practical Expedients in ASC Topic 842
The New Leasing Standard
The new lease accounting guidance in Accounting Standards Codification (ASC) Topic 842, “Leases,” is currently in effect for public business entities preparing financial statements for…
In February 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). Topic 842 will supersede the existing lease guidance (Topic 840), which has been in…
FASB's recent work schedule has included proposed improvements to income tax accounting related to the recent tax law changes, the 2018 GAAP financial reporting taxonomy,…
After years of anticipation, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have issued their final standards on lease accounting.…