The overarching intent of the new lease accounting guidance from the Financial Accounting Standards Board (FASB) is to achieve greater transparency and address off-balance-sheet financing concerns related to lessees’ operating leases. According to the FASB, the ASC 842 guidance improves lease accounti...
The overarching intent of the new lease accounting guidance from the Financial Accounting Standards Board (FASB) is to achieve greater transparency and address off-balance-sheet financing concerns related to lessees’ operating leases. According to the FASB, the ASC 842 guidance improves lease accounti...
IFRS 16 is the global standard for lease accounting, in combination with ASC 842 from the Financial Accounting Standards Board (FASB) in the United States. The IFRS 16 effective date for an entity to apply these standards for annual reporting periods was on or after 1 January 2019. Because...
This Accounting Spotlight discusses certain key accounting and financial reporting matters related to the FASB’s leasing standard, ASC 842, that an entity needs to consider when going public.
Fasb Executive Summary SFAC No. 8 addresses the cost constraint on useful financial reporting, “Cost is a pervasive constraint that standard setters, as well as providers and users of financial information, should keep in mind when considering the benefits of a financial reporting requirement.” ...