Tag Archive | lease accounting

Webinar on 5/7: Not-for-Profit Update – Internal Controls, Accounting Standards and Grant Reform

Join us for this course that will provide an update regarding COSO’s 2013 Internal Control Integrated Framework and its likely impact on a nonprofit organization’s audit as well as an update on proposed accounting standards and regulatory changes that most commonly impact not-for-profit and educational organizations. Some of the proposed changes we will review include: Proposed […]

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Webinar on 4/29: Not-for-Profit Update – Internal Controls, Accounting Standards and Grant Reform

Join us for this course that will provide an update regarding COSO’s 2013 Internal Control Integrated Framework and its likely impact on a nonprofit organization’s audit as well as an update on proposed accounting standards and regulatory changes that most commonly impact not-for-profit and educational organizations. Some of the proposed changes we will review include: Proposed […]

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Update on the FASB and IASB’s Leasing Project

Since March 2014, the Financial Accounting Standards Board and International Accounting Standards Board have continued discussions on the joint project on accounting for leases. Several tentative decisions were reached that modify or clarify the May 2013 exposure draft. The Exposure Draft proposed two models (Type A and Type B) for the classification of a lease. […]

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Accounting Election for Common Control Leasing Arrangements

In March, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-07 Consolidations (Topic 810): Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements. This standard is the third accounting alternative proposed by the Private Company Council (PCC) and endorsed by the FASB. It is an accounting alternative that permits a private […]

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An Update on the Accounting for Leases Project

In March, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) (together the “Boards”) resumed discussions on the joint project on accounting for leases. Several tentative decisions were reached that impact the direction of the project, which we have previously discussed. The discussions have resulted in greater diversity in opinions by the […]

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Five Questions to Help You Assess the FASB’s Lease Accounting Proposal’s Impact on Your Company

The FASB’s latest lease accounting proposal would make fundamental changes in the accounting for leases. Even though some details are controversial and may be fine-tuned before the new standard is finalized, companies should become familiar with the proposal as it stands now because it is expected to have significant business as well as accounting implications. […]

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Seven Ways the AICPA’s Optional Framework for Small- and Medium-Sized Entities Differs from GAAP

The AICPA has issued a special-purpose reporting framework that is attracting the interest of smaller private businesses — the “Financial Reporting Framework for Small- and Medium-Sized Entities” (FRF for SMEs). This framework is intended as a less-complicated, lower-cost alternative basis of accounting for entities that are not required to provide GAAP-based financial statements. Here we […]

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