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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As the deadline to the new lease accounting standards IFRS 16 ASC 842 looms, compliance is at the top of finance managers’ agendas. To comply with the new guidelines, organisations will have to change the way leases are recorded and processed, as the new standards increase complexity, requiring that operating leases now be reflected on…
With only months lefts before the new lease accounting standards ASC 842 and IFRS 16 become effective, many companies have not taken the steps needed to meet the deadline. In previous posts, we went through lists of questions to help CFOs assess in which stage of the transition plan the organisation is, transition guides and…
Last year was a successful one for VIP Apps Consulting, in which we continued in our successful activity supporting businesses within the leasing industry. With a recovering but fragile worldwide economy, alongside fluctuations in commodity prices, the industry saw some interesting developments that will have long term consequences in 2016 and beyond. Leasing Industry Digital…
Welcome to this round up of September’s financial leasing news stories. Our goal is to give you an insight into any industry developments or stories that have caught our eye. New Leasing Standard is on Its Way The International Standards Board (IASB) and the Financial Accounting Standards Board (FIASB), have announced that the final “Leases…
The International Standards Board (IASB) and the Financial Accounting Standards Board (FIASB), have announced that the final “Leases Standard” will be set before the end of this year. Although the exact changes are not final, the tentative decisions give a clear indication of what the new leases standard impact may be. The key points from…
The International Standards Board (IASB) and the Financial Accounting Standards Board (FASB), have announced that the final leases standard will be finalised before the end of the year. This will be the culmination of nearly a decade’s work on this joint project to introduce new accounting leases standards. To reach this point, there have been…
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