For three years, the new lease accounting standard has been a dark cloud on the horizon for every company that follows U.S. Generally Accepted Accounting Principles. But as we approach December 15, 2019, the effective date for nonpublic companies, keep in mind that there is a silver lining. When companies look beyond compliance and take [...]
Ever since the Financial Accounting Standards Board (FASB) announced new lease accounting standards in 2016, businesses have worked to understand their responsibilities under the revised rules. The new rules apply to all companies. Nonpublic companies must comply starting with financial reports issued on or after December 15, 2020. While this deadline might feel like it’s [...]
When implementing the new lease accounting standard, it helps to be prepared. Jeff Silver shares 4 preparation key steps that will help equal success: perform a diagnostic review, organize resources, evaluate relevant data, and create a portfolio of leases.
Experiencing challenges in relation to implementation of the new lease accounting standards? You are not alone. CRI's professionals are here to help identify possible solutions to common challenges such as: decentralization, data gathering, human capital resources, costs, and learning curve as Jeff Silver explains.
Plants require fuel for growth, and a business is no different. Companies grow by synthesizing assets — people, equipment, and property — to deliver goods and services. It is typically easy to tell by looking at a plant if it is getting the right nutrition. An important gauge of a business’ health is the balance [...]
The Financial Accounting Standard Boards’s (FASB’s) new lease accounting standard will substantially affect how businesses identify, classify, and measure leases. Therefore, companies may need to update their processes to record the newly required data. Watch as Bryan Hall, Alyssa Hill, and Bruce McFadden provide an overview of the mandate and explain how CRI [...]
The Financial Accounting Standards Board (FASB) released its anticipated update to lease accounting stipulations under accounting principles generally accepted in the United States of America (U.S. GAAP). The updated standard requires businesses to record and recognize the assets and liabilities of all leases with terms longer than 12 months. This mandate applies to both current categories [...]
To navigate successfully through the new lease accounting implementation, businesses must capture relevant data as soon as possible. CRI has developed a six-step process to assist your businesses in assessing the impacts and adopting the new rules. Watch as Bruce McFadden discusses the financial and operational effects of lease accounting. [...]