A small business accounting for lease agreements on its financial records must differentiate between capital and operating leases. A capital lease must meet certain criteria for classification, and ...

FASB Accounting Standards Codification (ASC) Topic 842, Leases, issued in February 2016, marked a significant overhaul in the financial reporting of long-term leases. Its adoption created many ...

The new standard requiring all leases longer than 12 months to be recorded on balance sheets is now in effect for nonpublic companies with a fiscal year beginning after Dec. 15, 2021. Processing ...

Sustaining compliance after day two requires a rigorous focus on optimizing processes for ongoing management of lease accounting data and entries. As leases evolve over their lifetimes, organizations ...

Operating leases have long been a common mechanism for companies to access and use assets without owning them outright. Historically, many of these leases were kept off the balance sheet, limiting ...

Public companies’ required implementation of FASB’s new lease accounting standard in 2019 means that financial statement auditors need to be prepared to make new judgments. Although the private ...