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Practical Considerations for Lease Accounting
On the heels of a transformative and challenging revenue recognition standard, FASB's new lease accounting standard presents a potential tsunami of changes to the financial statements of public and private companies. In February 2016, FASB issued new lease accounting guidance in Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). This new guidance was initiated as a joint project with the International ...
Read MoreDo You Know Where Your Leases Are?
Complying with the new lease accounting standard will require collecting data from lease contracts across numerous locations and geographies. The clock is ticking to fulfill the requirements of impending changes to lease accounting standards, which are creating a handful of organizational challenges for corporations. One of the more complicated of these challenges is finding lease rights and obligations from numerous (sometimes thousands)
Read MoreFASB Plans to Ease Lease Accounting Requirements
The Financial Accounting Standards Board decided to ease some of the implementation burdens and possible costs of the new lease accounting standard by making several adjustments and offering some practical expedients. In the area of land easements, FASB decided to proceed with issuing a final accounting standards update that offers a more practical expedient as an optional transition to the new standard. If elected, the option ...
Read MoreIRS Could Bring ACA Penalties to Many Employers
The IRS is assessing penalties based on employers’ 2015 Affordable Care Act (ACA) filings on Forms 1094-C and 1095-C. Penalties are triggered by: Not offering coverage to enough full-time employees, or Not offering affordable coverage to one or more full-time employees These penalties could potentially affect any employer required to comply with ACA for the year 2015. Understanding your ...
Read MoreThe Case for Updating Your Policies and Procedures Manual
When corporate leaders consider updating their policies and procedures manuals, it may seem that the reasons for delaying the project outnumber the pages in the document. Making changes to the manual is time-consuming. Policies and procedures in the organization may be so siloed that maintaining a manual becomes a challenge. And by the time the ink dries on the newest edition of the document, a new law or regulation may be enacted that requires ...
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