On June 16 2021, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) that would improve discount rate guidance for lessees that are not public business entities. Private companies, not-for-profit organisations, and employee would benefit from the plans. ASC 842 allows private companies to make an accounting optional policy election to use a...
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The deadline to the new leases standards IFRS 16 / FASB ASC 842 is rapidly approaching with tremendous impact and changes to your organisation.With many lease agreements containing assets scattered around across systems, departments, filing cabinets, etc., which were previously off balance sheet now being brought onto companies’ books, the requirement for new streamlined business…
The effective date of new leases standards is less than 20 months away. The new Lease Accounting Standards IFRS 16 / FASB ASC 842 requires companies to bring most leases on-balance sheet, providing a single lessee accounting model, requiring lessees to recognise assets and liabilities for all leases. The new standard will significantly change the…
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