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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A global medical technology company selected VIP Apps Consulting to lead an end-to-end lease accounting system compliance project and the integration with the existing Oracle ERP system. For the testing phases, VIP Apps Consulting teamed with TechnoSolutions and their TopTeam solution to: –enhance the ability to log and track functional requirements, and -provide professional-quality reporting…
The new lease accounting standards IFRS 16 and ASC 842 come into effect on January 2019, and as we are nearly halfway through 2018, organisations are running short on time to comply with the new guidance. In this post we will review some critical project considerations, so you can jump-start your implementation journey and finish…
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…
With post-Brexit change and uncertainty dominating financial news cycles the ongoing review and amendments to IFRS 16 could have been at risk of being swamped by other financial news. However, the finance and leasing sectors continue to watch closely as the HMRC analyses the tax options for IFRS 16 and makes announcements prior to formal…
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…
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