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.
Tag: GAAP
Don’t assume your profitable company has strong cash flow
If your business’s bottom line is strong, that’s good news. But you still need to keep a close eye on cash flow. Here’s why.
Accounting for property, plant and equipment assets
Which asset costs must be capitalized, how long will an asset provide value and which depreciation method is appropriate? Click the link for answers to common questions on reporting property, plant and equipment.
Financial keys to securing a commercial loan
Applying for a commercial loan can be tedious and time-consuming, especially in today’s uncertain marketplace. Here’s what to expect.
New Lease Accounting – ASC 842
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[ … ]
