Implementing the New FASB Lease Accounting Standard: Determining the Lease Term

Once you’ve identified your leases requiring accounting under Accounting Standards Update No. 2016-03, Leases (Topic 842), an important step is to determine the lease term. The lease may include several dates,

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Short List of New GAAP Accounting Standards Effective in 2022

The past two years have been a whirlwind of change in the accounting industry. To help you stay on track, we’ve compiled a short list of new 2022 GAAP accounting standards that are effective now,

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Implementing the New FASB Lease Accounting Standard: Identifying the Lease

As discussed in our previous article, now is the time to begin the process of implementing Accounting Standards Update No. 2016-03, Leases (Topic 842).

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Ready or Not, It’s Time to Implement the New Lease Accounting Standard

On November 10, 2021, the FASB board voted unanimously to reject a request for a two-year extension to the effective date of the new lease accounting standard. Private companies and not-for-profit organization adoption requirements are now imminent and will not be subject to any further extensions.

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FASB to Propose Delay to Effective Dates of Leases and Revenue Recognition for Franchisors

May 21 Update: The FASB has voted to officially delay the effective dates for the Leases (Topic 842) and Revenue from Contracts with Customers (Topic 606) standards. The Leases (Topic 842) standard is now effective for private companies and private not-for-profit (NFP) entities for fiscal years beginning after December 15,

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