bramasol-blog-homepage-banner-NEW

 

Hot-Tip: Accounting Standards Update to ASC 842

Sun, Aug 13, 2023 @ 09:41 AM / by Accounting Advisory Team posted in FinancialTransformation-Hot-Tips, Leasing-Hot-Tips, ASC 842, Hot Tips, Accounting Advisory Services

FASB has issued an update regarding ASC 842 through its Post-Implementation Review (PIR) process that is intended to respond to the concerns expressed by private company stakeholders about applying Topic 842 to related party arrangements between entities under common control.

Specific issues addressed in the PIR are:

  1. Which terms and conditions should be considered when determining whether a lease exists and, if so, the classification and accounting for the lease.
  2. The accounting for leasehold improvements associated with leases between entities under common control.
Read More

They Said ASC 842 Compliance Was Easy, But Was It Really?

Mon, Jan 7, 2019 @ 08:51 AM / by Bramasol Leasing Administration Team posted in Leasing-Hot-Tips, SAPLeaseAdmin

They promised that a standalone solution would work as well as any integrated solution and that integration and data management/migration were easy. And, that reporting is a snap. But is it really?

As the leading experts in SAP Leasing Solutions for ASC842 and IFRS 16, we know what works. Integration can be hard. Data validation is required far more than you expected and reporting is anything but a snap, especially if you need data from your ERP as well as your leasing solution. 

Read More

New eBook: Transitioning to ASC 842 using the Portfolio Approach to Group Leases

Mon, Aug 13, 2018 @ 11:11 AM / by Bramasol Leasing Administration Team posted in Leasing-Hot-Tips, ASC 842

With less than five months remaining until January 2019, when public companies have to comply with new leasing standards, ASC 842 and IFRS 16, your implementation plans should already be well underway.

Read More

Understanding and applying incremental lease borrowing rate analyses under ASC 842

Tue, Jul 17, 2018 @ 04:57 AM / by Julio Dalla Costa posted in leasing, Leasing-Hot-Tips, SAPLeaseAdmin, ASC 842

In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02 ( “ASC 842”), Leases, which provides new guidelines that change the accounting for leasing arrangements.

Read More

Transitioning to ASC 842, Where are all your company’s lease documents?

Tue, Jul 10, 2018 @ 02:33 AM / by David Ogletree posted in leasing, Leasing-Hot-Tips, IFRS16, ASC 842

The new lease accounting standard ASC 842 is effective for public companies beginning January 1st, 2019. The primary purpose of the standard was to address the fact that most operating leases are deemed off balance sheet financing arrangements and currently are only disclosed via a company’s financial footnotes in the “Commitments and Contingencies” footnote.

Read More

Getting Ready for the New Lease Accounting Standards

Tue, Jun 26, 2018 @ 05:34 AM / by Bramasol Leasing Administration Team posted in Leasing-Hot-Tips

This recent article in Accounting Today provides a useful summary of the key issues that companies are facing as they get ready for compliance with IFRS 16 and ASC 842.

Read More

Companies Need Holistic Approach to Lease Accounting Compliance

Tue, Jun 5, 2018 @ 03:36 AM / by Bramasol Leasing Administration Team posted in Leasing-Hot-Tips, ASC842, IFRS16

A recent article in Accounting Today provides an excellent view of how companies in many industries are moving toward compliance with the new lease accounting standards, ASC 842 and IFRS 16.

Read More

General Availability for New Version 4.0 of SAP Lease Administration by Nakisa

Tue, May 29, 2018 @ 07:29 AM / by Bramasol Leasing Administration Team posted in Leasing-Hot-Tips, ASC842, SAPLeaseAdmin, IFRS16

Nakisa, Bramasol's partner for leasing solutions, has announced general availability of the new 4.0 version of Lease Administration by Nakisa.

Read More

ASC 842: FASB provides an additional optional transition relief for companies

Tue, May 22, 2018 @ 03:19 AM / by Julio Dalla Costa posted in leasing, FASB, Leasing-Hot-Tips, ASC842, SAPLeaseAdmin

On January 5th, 2018, the Financial Accounting Standards Board (FASB) proposed adding an optional transition method and another practical expedient for lessors to Accounting Standards Codification (ASC) 842, Leases, to reduce the cost and complexity of implementing the new standard.

Read More

New Rapid Compliance Solution for Lease Accounting Standards ASC 842 and IFRS 16

Tue, May 15, 2018 @ 12:00 AM / by Bramasol Leasing Administration Team posted in Leasing-Hot-Tips, ASC842, SAPLeaseAdmin, IFRS16, RLCS

Bramasol, the leader in compliance and finance innovation solutions, has announced a new, purpose-built product that reduces complexity and implementation costs, to give companies across a variety of industries a ready-to-deploy solution for lease accounting disclosure reporting and compliance.

Read More
DSE Webcast
Download eBook - Transitioning to ASC 842: Why Robust Analytical Reporting Tools will be a must for all Entities

Subscribe to Email Updates

Recent Posts