There’s new guidance for businesses and nonprofits that are subject to the relatively new lease accounting standard.
The new lease accounting standard, Accounting Standards Codification (ASC) 842, is out in full force and there are numerous rules, adjustments and transitions accounting departments need to be made aware of—stat.
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If there’s one thing for certain, accounting staff members at businesses and nonprofits have more than a few questions about the new lease standard that’s about to take effect. Implementing the biggest new accounting rule to come our way in decades is no walk in the park. That’s why we’re answering 15 frequently asked questions about the new lease standard.
The new lease accounting standard is effective for private companies and nonprofits for fiscal years beginning after December 15, 2021. This new accounting rule requires organizations to report their operating leases on the balance sheet. This will require some new journal entries. Is your organization ready? To help accounting teams at businesses and nonprofits, here are some of the basic journal entries you’ll need to use to account for operating leases under the new lease standard.
The new lease standard is finally here and effective for all private companies and nonprofits for years beginning after December 15, 2021. After years of discussion and several delays, it’s important for private companies and nonprofits to start preparing for the new lease standard. That’s why we created a list of tips and best practices to get your organization headed down the right path toward a successful implementation of the new lease standard, also known as Accounting Standards Codification (ASC) 842, Leases.
There are several accounting mistakes that government contractors make that can cause major headaches when uncovered during their federal acquisition regulation overhead audit. Here are five of the most common.