Setting Up a Chart of Accounts for your Lease Portfolio
The chart of accounts is at the center of all bookkeeping, accounting, and financial reporting activities. Creating a thoughtful chart…
How to Streamline Lease Accounting Policies & Controls
The Financial Accounting Standards Boards outlines lease accounting policies and controls that are built to ease the transition.
What are ROU Assets? An Essential Guide
What are ROU assets? An ROU asset is represents the lessee’s right to use said leased asset, real estate, equipment or other over it’s term.
FASB Tentative Board Decision: Common Control Arrangements Explained
On February 15, 2023, FASB held a board meeting and reached a tentative board decision relating to leases under common control arrangements.
Lease Liabilities: The balance sheet impact
Now that many businesses are going through their first year and first audit under the new standard, the true impact of lease liabilities on the balance sheet is a lot clearer.
Deferred Rent for ASC 842: Overview and Examples
ASC 842 does away with the deferred rent account. All accounting for operating leases under the new standard is contained within a right-of-use asset and lease liabilities.