For Business Valuations Accounting Standards Codification (ASC) Topic 842: Leases is the lease accounting standard published by the Financial Accounting Standards Board, which replaces prior guidance from ASC Topic 840. ASC 842 brings previously off-balance sheet operating leases onto a company’s balance sheet. The new standard takes effect for private companies in fiscal years starting after December 15, 2 ...

With the effective date for the new IFRS lease accounting standard fast approaching, companies are wading through a number of challenging issues related to lease identification, data extraction, and software implementation. To read the full article in Financial Management, click: Lessons from Lease Accounting Implementation. ...

The FASB announced sweeping changes to the accounting for leases earlier this year that will affect nearly all financial statement issuers.  Travis W Harms, Mercer Capital’s Financial Reporting Valuation Group lead, discusses each topic. To read the full article in Mercer Capital's Financial Reporting Blog, click: 7 Things to Know About the New Lease Accounting Rules. This article is republished from Mercer ...

More Detail on Obligations Included in Minimum Lease Payments Required Under ASC 840  Grant Thornton's On the Horizon web publication  explains that leasing agreements vary in their specific accounting requirements when it comes to assessing — and retiring the value of  — leases.    Here's more:  ...

Emily Chasan is on the spot with the latest news:   U.S. and international accounting rule makers finally may be ready next month to resolve a debate over corporate lease accounting, that would bring $2 trillion worth of lease obligations onto corporate balance sheets. Members of the U.S. Financial Accounting Standards Board and the International Accounting Standards Board said Thursday they were ready to v ...