Lease Accounting Resource Center
The new lease accounting standards will have a significant impact on nearly every organization that prepares financial statements under generally accepted accounting principles in the United States (U.S. GAAP). Our team of experts explain how you can prepare in a series of articles highlighting specific aspects of the new standard.
Insights
- On-Demand Webinar Technically Speaking: Lessor Accounting, Tax Law Changes, and Accounting Standards Updates January 31, 2022As part of our ongoing "Technically Speaking" series, our first webinar of 2022 covered a range of topics related to accounting and financial reporting matters.
- On-Demand Webinar Technically Speaking: Lease Accounting Standards Update: Are You Ready for ASC 842? October 28, 2021A panel of KSM experts recently provided an overview of the requirements of Accounting Standards Codification (ASC) Topic 842, Leases, including identification, recognition, and measurement of leases and presentation and disclosure requirements.
- Blog FASB Provides Lease Concessions Guidance Due to COVID-19 August 5, 2020As companies adjust to their new normal under COVID-19 and most put revenue recognition accounting implementation in their rearview mirror, lease accounting arises once again as a hot topic. Businesses have either already implemented the largest overhaul in lease accounting in decades, Accounting St...
- Blog Standards Update 6/5/20 June 5, 2020The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP).
- Blog FASB Proposes Delay in Effective Dates for Leases and Revenue Recognition Standards for Certain Entities April 22, 2020The Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (Exposure Draft) that includes an optional one-year delay in the effective date for certain entities in applying the new lease and revenue recognition standards. The FASB provided the Exposure Draft in ...
- Blog Changes to Manufacturing Lease Accounting March 3, 2020Most manufacturers, wholesalers, and distributors lease operating facilities or equipment, whether from a third party or a related party. That means nearly all of these businesses will be impacted by the Financial Accounting Standards Board’s (FASB) update to the accounting standards for leases unde...
- Whitepaper Accounting Update for Not-for-Profit Entities: Leases In February 2016, the Financial Accounting Standards Board (FASB) issued one of the most sweeping changes to generally accepted accounting principles in the United States (GAAP) – Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). The new lease accounting standards and subsequent ame...
- Blog FASB Votes to Delay Effective Date for Major Accounting Standards October 17, 2019Yesterday, the Financial Accounting Standards Board (FASB) voted to approve proposals to amend the effective dates for several major Accounting Standards Updates (ASUs). The FASB voted to issue final ASUs to amend the effective dates of the following ASUs:
- Blog Shifting Lanes: How Updated Lease Accounting Standards Are Affecting Dealerships September 20, 2019Most auto dealers participate in leasing in some way, whether they are leasing a building or equipment, operating as a lease here – pay here (LHPH), or are lessors of real estate. That means nearly all auto dealers will be impacted by the Financial Accounting Standards Board’s (FASB) update to the a...
- Blog FASB Proposes Delays on Accounting Standard Changes July 18, 2019On July 17, the Financial Accounting Standards Board (FASB) voted to have its staff prepare an exposure draft to delay the effective dates for accounting standard changes on leases, credit losses, and hedging. The FASB received several requests to provide relief as smaller companies are dealing with...
- Whitepaper Leasing Standards Overhauled: An Overview of ASC Topic 842 The deadline for private companies to implement the Financial Accounting Standards Board’s (FASB) new lease standard (ASC 482) is quickly approaching. Entities with leasing activities must begin assessing the new standard and determining the impact it will have, including the potential impact to deb...
- Blog Standards Update: 2/25/19 February 25, 2019The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP). Below are select ASUs that were recently issued. This update cove...
- Blog Standards Update: 11/26/18 November 26, 2018The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP).
- Blog Trucking Carriers: Start Planning for the New Lease Accounting Standard September 27, 2017In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016-02, Leases (Topic 842) (the Update). The Update represents the first comprehensive overhaul in lease accounting in approximately 40 years. Although the Update is not effective until fiscal y...
- Blog FASB Releases ASU No. 2016-02, Leases (Topic 842) February 26, 2016On Feb. 25, 2016, the Financial Accounting Standards Board (FASB) released Accounting Standards Update No. 2016-02, Leases (Topic 842) (the Update). Previous lease accounting guidance has long been criticized for not addressing the needs of financial statement users and FASB has spent several years ...
Resources
- Whitepaper Leasing Standards Overhauled: An Overview of ASC Topic 842 The deadline for private companies to implement the Financial Accounting Standards Board’s (FASB) new lease standard (ASC 482) is quickly approaching. Entities with leasing activities must begin assessing the new standard and determining the impact it will have, including the potential impact to deb...
- Whitepaper Accounting Update for Not-for-Profit Entities: Leases In February 2016, the Financial Accounting Standards Board (FASB) issued one of the most sweeping changes to generally accepted accounting principles in the United States (GAAP) – Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). The new lease accounting standards and subsequent ame...
Where Ownership
Meets Opportunity
At KSM, you’re more than an employee, you’re a firm owner.