Recent articles
ICYMI | A Refresher on Accounting for Leases
In Brief FASB’s long-debated exposure draft of a new standard on accounting for leases has raised the possibility that almost all leases will need to be capitalized in the near future. Although some of the methods in the proposed standard are similar to those used...
Accounting for Leases Under the New Standard, Part 1
In Brief The new lease accounting standard, released by FASB in early 2016, represents one of the largest and most impactful reporting changes to accounting principles in decades. The standard itself is voluminous, and digesting it will be a major task for companies,...
Oil and Gas Companies May Receive Relief from Lease Standard
FASB News Oil and Gas Companies May Receive Relief from Lease Standard FASB wants to give utilities and oil-and-gas companies some relief when they switch to the board’s new lease standard. The board has unanimously agreed to float a proposal exempting companies with...
FASB Small Business Advisory Committee Seeks U.S. GAAP Exemptions
Small Business Advisory Committee Seeks U.S. GAAP Exemptions Some members of FASB’s Small Business Advisory Committee (SBAC) have told the accounting board that, because of their resource constraints, they should receive the same accounting exemptions offered to...
A Sea Change Is Coming – Transitioning to FASB’s New Lease Accounting Standard
On the heels of the Financial Accounting Standards Board’s (FASB) new revenue recognition standard, which becomes effective for calendar-year public companies beginning January 1, 2018, the accounting and internal audit world is gearing up for another significant...
GASB Proposes Recognizing More Leased Assets and Liabilities
Accounting for leases has received considerable attention from standards setters in recent years. Under current FASB and GASB accounting rules, many leases are structured to avoid the recognition of leased assets and corresponding liabilities on the balance sheet....