We are fast approaching 2022, so it is time to consider the new leasing standard for calendar-year entities, which becomes effective January 1, 2022.
Coming soon: Private companies and nonprofits that rent equipment, vehicles and real estate will need to update their accounting systems for major changes to the rules for long-term leases under U.S. GAAP.
Many companies are struggling to make their loan payments during the COVID-19 crisis. Debt restructuring could provide relief.
Applying for a commercial loan can be tedious and time-consuming, especially in today’s uncertain marketplace. Here’s what to expect.
Financial statements do more than quantify a company’s performance. They also provide qualitative information about business operations and risk factors. Here are the basics about footnote disclosures.
The current expected credit loss (CECL) standard has been delayed again. Under the recently enacted COVID-19 economic relief package, large public banks get a reprieve from implementing the updated rules.
The Financial Accounting Standards Board (FASB) has issued a new Accounting Standards Update, ASC 842: Leases, that addresses accounting for leasing transactions under U.S. Generally Accepted Accounting Principles (U.S. GAAP). ASC 842 was issued to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities for substantially all leases. The new rules[ … ]
The Financial Accounting Standards Board (FASB), the organization that sets accounting standards, is in the process of evaluating the current accounting and reporting requirements for not-for-profit organizations. FASB expects to issue an exposure draft with proposed changes to the existing required presentation of net assets and cash flows and current disclosures related to liquidity and[ … ]