When General Dynamics Mission Systems started implementing FASB’s new leases standard, Adena Lerner was told it would take hours to extract the information from each lease that is needed to comply ...

Moving the measurements of operating leases from the footnotes of GAAP financial statements under FASB ASC Topic 840, Leases, to the balance sheet as assets and liabilities under Topic 842, Leases, ...

Leasing is an integral part of the everyday activity of most businesses. A business may lease its premises consisting of offices, factories and warehouses. Additionally businesses often lease other ...

Approximately 40 percent of private companies are behind schedule on implementing the new lease accounting standard or haven’t started getting ready yet, even though the implementation deadline is ...

Almost overnight, lease accounting has morphed into one of the profession's biggest headaches, as more than 300 companies have had to restate their financials, citing, among other issues, corrections ...

Rochester Institute of Technology adopted the Financial Accounting Standards Board (FASB) new accounting guidance on leases FASB Accounting Standards Codification Section 842 ("ASC 842") on July 1, ...

The switch from Generally Accepted Accounting Principles to International Financial Reporting Standards is a primary concern that has been in focus for most corporations, but there is another ...

This story appears in the March 14 print edition of Transport Topics. Long-awaited nationwide lease accounting standards will require fleets to take a close look at their accounting procedures to ...

Last year, the Financial Accounting Standards Board (FASB) provided private companies with an extra year to adopt lease accounting standard ASC 842. When this was announced, 63.8% of surveyed private ...

As we enter the final months of 2022, accounting departments should feel like they are crossing a new finish line. This year, many private companies had to adopt ASC 842, an accounting standard ...

Any business that leases anything for an extended period of time — generally, more than one year — will be impacted by a proposed new accounting standard. “This may appear arcane to some, but the new ...