The Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) that would extend the period of time preparers can utilize the reference rate reform relief guidance and expand the Secured Overnight Financing Rate...
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April 21, 2022, 06:10 AM
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The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) intended to improve the decision usefulness of information provided to investors about certain loan refinancings, restructurings and writeoffs.FASB Chair...
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April 01, 2022, 07:17 AM
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The Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) to improve the decision usefulness of information provided to investors about certain loan refinancings, restructurings and writeoffs. Stakeholders...
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November 24, 2021, 07:20 AM
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The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) that improves discount rate guidance for lessees that are not public business entities—including private companies, not-for-profit organizations and employee...
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November 12, 2021, 07:22 AM
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The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) intended to improve an area of the leases guidance related to a lessor’s accounting for certain leases with variable lease payments.During the FASB’s...
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August 20, 2021, 06:00 AM
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The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) intended to improve an area of the leases guidance related to a lessor’s accounting for certain leases with variable lease payments.During the FASB’s...
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July 20, 2021, 07:20 AM
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Financial Accounting Standards Board (FASB) Chair Richard R. Jones announced the appointment of two new members to the Emerging Issues Task Force (EITF).The new members are:
Jack Ciesielski, CPA, CFA, Founder, R.G. Associates
Brandon Coleman...
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June 30, 2021, 06:58 AM
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The Financial Accounting Standards Board (FASB) published an Invitation to Comment (ITC) that gives stakeholders the opportunity to provide feedback on its future standard-setting agenda. Stakeholders are asked to review and provide comment on the...
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June 25, 2021, 07:06 AM
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The Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) that would improve discount rate guidance for lessees that are not public business entities—including private companies, not-for-profit organizations...
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June 18, 2021, 06:43 AM
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The Financial Accounting Standards Board (FASB) hosted a virtual roundtable on implementation of the current expected credit losses (CECL) standard and related technical issues. The CECL roundtable is part of the FASB’s ongoing post-implementation...
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May 21, 2021, 07:15 AM
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The Financial Accounting Standards Board (FASB) announced it will host a virtual roundtable on implementation of the current expected credit losses (CECL) standard and related technical issues. The event will be webcast live at www.fasb.org on...
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April 21, 2021, 07:00 AM
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LeaseCrunch said it sees four key trends in 2021 in lease accounting implementation, as non-public companies are the next to get into compliance.“2020 was a year no one expected,” said LeaseCrunch CEO Ane Ohm. “COVID-19 changed the way businesses...
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February 16, 2021, 07:05 AM
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The Equipment Leasing and Finance Association released the following key takeaways from the Dec. 2, meeting of the Financial Accounting Standards Board, prepared by John Bober, Chair of the ELFA Financial Accounting Committee. The FASB Meeting...
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December 04, 2020, 07:20 AM
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The Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) that would clarify the scope of the FASB’s recent reference rate reform guidance. Stakeholders are asked to review and provide input on the proposed...
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October 30, 2020, 07:12 AM
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The Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) intended to improve three areas of the leases guidance. Stakeholders are encouraged to review and provide comments on the proposed changes by Dec....
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October 21, 2020, 07:20 AM
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The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) that grants a one-year effective date delay for certain companies and organizations applying the revenue recognition and leases guidance. Early application...
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June 04, 2020, 07:20 AM
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The Financial Accounting Standards Board (FASB) staff issued a question-and-answer document to address stakeholder questions on the application of the lease accounting guidance for lease concessions related to the effects of the COVID-19...
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April 13, 2020, 07:20 AM
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Financial Accounting Standards Board held a public meeting April 8 to approve measures intended to provide stakeholders with accounting relief and clarity during the COVID-19 crisis. FASB Chairman Russell G. Golden issued the following statement:
In...
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April 09, 2020, 07:21 AM
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The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) that provides temporary optional guidance to ease the potential burden in accounting for reference rate reform.“This new ASU provides stakeholders with the...
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March 13, 2020, 07:20 AM
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The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) that makes narrow-scope improvements to various aspects of the financial instruments guidance, including the current expected credit losses (CECL) standard...
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March 10, 2020, 07:15 AM
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The Financial Accounting Standards Board (FASB) announced the date of its public roundtable discussion on the implementation of its accounting standard on leases. The discussion will focus on broad technical issues, such as embedded leases and...
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March 06, 2020, 07:15 AM
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The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) that addresses issues raised by stakeholders during the implementation of Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic...
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November 27, 2019, 07:25 AM
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The Financial Accounting Standards Board (FASB) issued two Accounting Standards Updates (ASUs) that finalize various effective date delays for standards on current expected credit losses (CECL), leases, hedging and long-duration insurance...
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November 18, 2019, 07:12 AM
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The Financial Accounting Standards Board (FASB) approved an Accounting Standards Update (ASU) to provide temporary, optional guidance to ease the potential burden in accounting for, or recognizing the effects of, reference rate reform on financial...
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November 14, 2019, 07:05 AM
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The Financial Accounting Standards Board has extended the implementation deadline for several accounting standards, giving many U.S. companies additional time to prepare, the Wall Street Journal reported.FASB on Wednesday approved its proposals for...
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October 17, 2019, 07:20 AM
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Just 26.3 percent of public company executives report their implementation of the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board lease accounting standards is complete, according to a June 2019 Deloitte...
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September 17, 2019, 07:17 AM
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The Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) that would grant private companies, not-for-profit organizations and certain small public companies additional time to implement FASB standards on...
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August 16, 2019, 07:30 AM
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The Financial Accounting Standards Board plans to propose delaying effective dates for four key standards for certain groups of financial statement preparers after a series of votes taken at a board meeting last week, according to the Journal of...
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July 23, 2019, 07:20 AM
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The Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) that would address issues raised by stakeholders during the implementation of Accounting Standards Update No. 2016-13, Financial Instruments—Credit...
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June 28, 2019, 07:24 AM
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The Financial Accounting Standards Board (FASB) today took a major step towards approving accounting relief for companies and organizations required to modify contracts as a result of new global reference rates.The board tentatively decided that for...
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June 21, 2019, 07:21 AM
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The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) that eases transition to the credit losses standard by providing the option to measure certain types of assets at fair value. Issued in 2016, the credit...
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May 16, 2019, 07:11 AM
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Two professional groups have asked the Financial Accounting Standards Board to delay the private company implementation date for new lease accounting rules by a year, the Wall Street Journal reported.The American Institute of Certified Public...
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May 15, 2019, 07:30 AM
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The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) that addresses two lessor implementation issues and clarifies that lessees and lessors are exempt from a certain interim disclosure requirement associated...
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March 07, 2019, 07:15 AM
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LeaseAccelerator announced that IFRS 16 lease accounting expert John Kuett has joined the company as its new Vice President, Lease Accounting EMEA. Kuett brings over 20 years of experience leading financial reporting, accounting and compliance for...
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February 27, 2019, 07:00 AM
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LeaseQuery announced another year of record growth in 2018, with its year-over-year revenue growth reaching 708 percent. The company’s extraordinary growth was propelled by the timeliness of LeaseQuery’s solution, as companies prepare to comply with...
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January 24, 2019, 07:00 AM
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To help public and private companies adjust to FASB’s new lease accounting standard, Grant Thornton LLP has introduced a web-based application called LeaseCom Analytics (LCA). LCA combines advanced analytics and machine learning to automate the...
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January 23, 2019, 07:00 AM
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The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) expected to reduce lessor’s implementation and ongoing costs associated with applying the new leases standard. The ASU also clarifies a specific lessor...
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December 12, 2018, 07:19 AM
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The Financial Accounting Standards Board (FASB) has issued an Accounting Standards Update (ASU) that amends the transition requirements and scope of the credit losses standard issued in 2016. “Since issuing the credit losses standard, the FASB staff...
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November 19, 2018, 07:00 AM
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Fleet Advantage announced President and Chief Financial Officer Brian Holland is presenting at this year’s AFP 2018 conference at McCormick Place in Chicago. Holland’s session: How Corporate Tax Changes & FASB Accounting Standards Have Impacted...
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November 06, 2018, 06:50 AM
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Fleet Advantage President and Chief Financial Officer Brian Holland, is presenting at this year’s Equipment Leasing and Finance Association’s (ELFA) 57th Annual Convention in Phoenix. Holland is addressing the Tax Reform and FASB accounting changes...
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October 16, 2018, 07:05 AM
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The Equipment Leasing and Finance Association in September filed a formal Comment Letter with The Financial Accounting Standards Board on proposed amendments to the new lease accounting standard. The Proposed Accounting Standards Update, Leases...
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September 12, 2018, 07:03 AM
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The Financial Accounting Standards Board (FASB) issued a proposal that would reduce costs and ease implementation of the Leases standard for financial statement preparers. The proposal would also clarify a specific requirement in the standard related...
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August 14, 2018, 07:20 AM
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As the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) lease accounting standards' effective date for U.S. publicly traded companies nears on Jan. 1, 2019, executives continue to indicate concern over...
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August 02, 2018, 06:55 AM
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The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) that reduces costs and eases implementation of the leases standard for financial statement preparers. “The targeted improvements in the ASU address areas our...
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July 31, 2018, 07:17 AM
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Months from the Jan. 1, 2019 deadline, public companies are struggling to address embedded leases, lease abstracting and integrating new lease accounting software within legacy systems in their efforts to achieve compliance with the Financial...
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July 31, 2018, 07:15 AM
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PowerPlan, a lease accounting software firm, has announced a strategic technology partnership with LEVERTON, an AI-based document and data abstraction platform. The partnership, which involves the product integration of PowerPlan and LEVERTON, allows...
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June 01, 2018, 07:00 AM
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Deloitte and Bloomberg Tax will host Lease Accounting Standard: A Way Forward, a one-day conference to help companies navigate the new lease accounting standard, one of the most transformative pieces of authoritative accounting guidance in the FASB...
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May 15, 2018, 07:00 AM
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Accruent, a provider of physical resource management solutions, has expanded the verification process of its lease accounting and administration solution with respect to the new FASB and IASB lease accounting standards with software testing conducted...
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May 10, 2018, 07:05 AM
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LeaseQuery announced its recent hire of Andrea Holmes, who joins the LeaseQuery team as a lease accounting manager working from the Atlanta office. Within this role, Andrea will manage set-up of client’s financial reporting structure in LeaseQuery’s...
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April 13, 2018, 07:20 AM
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Data suggests organizations are moving quickly with the assistance of Big 4 experience and sophisticated technology solutions, but many are not where they need to be. With the January 1, 2019, deadline looming for compliance with the Financial...
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February 21, 2018, 07:21 AM
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The Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) intended to reduce costs and ease implementation of the Leases standard for financial statement preparers. Stakeholders are encouraged to review and...
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January 08, 2018, 07:13 AM
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Price Digests, the leading asset data provider to the commercial insurance and equipment finance industries, has launched a new solution that brings scale and efficiency to valuing large on-highway truck and trailer fleets. Leveraging...
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December 14, 2017, 07:05 AM
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LeaseAccelerator announced it will host its 2017 Lease Accounting Summit in New York City on November 15th. Immediately following the Current Financial Reporting Issues (CFRI) conference, held by the Financial Executive Insitute (FEI), summit...
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November 02, 2017, 06:36 AM
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Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd, has entered into a preferred vendor agreement with Visual Lease, a cloud-based technology that helps companies manage their lease portfolio in real time. Grant Thornton’s...
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October 18, 2017, 07:10 AM
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LeaseAccelerator announced that it was recognized as one of 2017’s top 10 Financial Reporting Solution Providers in the latest edition of CFO Tech Outlook. The annual list of companies has been selected by the panel of experts and members of CFO Tech...
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October 13, 2017, 07:00 AM
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While banks, insurers and specialty finance companies are making progress toward the implementation of the Current Expected Credit Loss (CECL) standard, widespread uncertainty regarding key decisions on accounting, modeling and data inputs has slowed...
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October 12, 2017, 07:14 AM
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LeaseAccelerator announced fully-automated, “push-button” support for transition accounting in the latest release of its software-as-a-service application. As the initial 2019 deadline for the new lease accounting standards approaches, companies are...
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October 04, 2017, 07:00 AM
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With the January 1, 2018 deadline for complying with the Financial Accounting Standards Board (FASB) new revenue recognition standard rapidly approaching, 60 percent of public companies said they are facing challenges in implementing the standard by...
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October 02, 2017, 07:12 AM
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Accruent announced that Jamba Juice, healthy lifestyle brand and global leader in handcrafted blends, will manage its large retail store portfolio with Accruent’s lease administration software. The new FASB/IASB standards are the most sweeping...
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September 15, 2017, 07:05 AM
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Accruent announced that it has acquired Plano, Texas-based Lucernex, Inc.Lucernex is a leading, global provider of cloud-based, Integrated Workplace Management Systems (IWMS), including advanced solutions for organizations in any industry seeking...
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August 10, 2017, 07:06 AM
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A year and a half after the issuance of the Financial Accounting Standards Board’s (FASB) and International Accounting Standards Board’s (IASB) respective new lease accounting standards and a year and a half before compliance begins for U.S.-based...
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August 07, 2017, 08:14 AM
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FTI Consulting announced that Lawrence W. Smith, former board member of the Financial Accounting Standards Board (“FASB”), will join the firm’s SEC & Accounting Advisory Services practice within its Forensic & Litigation Consulting segment as a...
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July 18, 2017, 07:05 AM
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LeaseAccelerator announced the results of a Progress Report study gauging the readiness of large companies to support the new lease accounting standards (ASC 842) one year after their initial publication. The research study, conducted earlier this...
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February 28, 2017, 07:10 AM
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BDO USA, LLP, one of the nation’s leading accounting and consulting organizations, and CoStar Real Estate Manager, a division of CoStar Group, Inc. and a leading lease management software provider, announced a strategic alliance under which BDO and...
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November 02, 2016, 07:07 AM
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The FASB's new standard on accounting for credit losses on financial instruments will affect U.S. banks' reserving practices, says Fitch Ratings. However, it will be manageable as banks have adequate time to prepare for implementation. The new...
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July 21, 2016, 07:13 AM
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The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) that improves financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and...
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June 22, 2016, 07:15 AM
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In a recent survey by KPMG LLP, the audit, tax and advisory firm, nearly half of all companies surveyed have not begun to assess the impacts of the new FASB lease accounting standard, which has an effective date of January 1, 2019. “Although the...
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June 15, 2016, 07:07 AM
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Just 9.8 percent of more than 5,400 financial and accounting professionals say their companies are prepared to comply with the new Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) lease accounting...
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June 07, 2016, 07:07 AM
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LeaseAccelerator announced the results of a market readiness survey for the new lease accounting standards. The first research study to be completed since the Financial Accounting Standards Board (FASB) announced ASU 2016-02 (ASC 842), surveyed...
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May 13, 2016, 07:06 AM
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The Independent Community Bankers of America® (ICBA) said the Financial Accounting Standards Board (FASB) has taken another important step in addressing community bank concerns with its proposed accounting standards update. FASB advanced a revised...
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April 29, 2016, 07:00 AM
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LeaseAccelerator announced a new release featuring updated functionality to support the new lease accounting standards introduced by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). With...
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April 19, 2016, 07:00 AM
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CHP Consulting has published the final version of its authoritative whitepaper on changes in international lease accounting standards.The fully revised Lease Accounting Reform: The Systems Impact for Asset Finance Lessors reflects the final standards...
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March 25, 2016, 07:15 AM
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ECS Financial Services is proud to announce that Shareholder Nancy Geary, CPA, CLFP, has been featured in the March/April issue of the National Equipment Financing Association's (NEFA) bi-monthly publication, Newsline Magazine. Ms. Geary's featured...
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March 18, 2016, 06:50 AM
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Financial Accounting Standards Board (FASB) Chair Russell G. Golden announced the appointment of Mark Scoles, partner-in-charge of Grant Thornton LLP’s Accounting Principles group, to the Emerging Issues Task Force (EITF). Scoles is responsible for...
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March 03, 2016, 07:03 AM
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The Equipment Leasing and Finance Association (ELFA) has released a host of new user-friendly tools to help lessors and lessees prepare for new lease accounting rules issued recently by the Financial Accounting Standards Board. The association is...
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March 02, 2016, 07:10 AM
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The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) intended to improve financial reporting about leasing transactions. The ASU affects all companies and other organizations that lease assets such as real...
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February 26, 2016, 07:18 AM
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Ralph Petta, President and CEO of the Equipment Leasing and Finance Association, released the following statement regarding the new lease accounting standard issued by the Financial Accounting Standards Board (FASB):“We welcome the release of the new...
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February 26, 2016, 07:17 AM
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A delegation of community bankers from the Independent Community Bankers of America® (ICBA) met with the Financial Accounting Standards Board (FASB) on widespread concerns with FASB’s controversial proposed accounting reforms. The three community...
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February 08, 2016, 07:11 AM
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The Equipment Leasing and Finance Association has announced two new opportunities for lessors to learn about forthcoming changes to the lease accounting standard: a one-hour web seminar on Feb. 9 and a one-day workshop on March 2. Both events are...
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January 21, 2016, 07:04 AM
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The Independent Community Bankers of America® (ICBA) called on the full Financial Accounting Standards Board (FASB) to meet directly with community bankers on the adverse impact of FASB’s proposed Current Expected Credit Loss (CECL) model. In a...
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January 11, 2016, 07:00 AM
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Independent Community Bankers of America® (ICBA) leadership said that recent public statements from Financial Accounting Standards Board (FASB) Chairman Russell Golden reflect a lack of understanding and disregard for community banks and a selective...
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December 18, 2015, 07:18 AM
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The Financial Accounting Standards Board (FASB) voted to proceed with a new accounting standard that would require companies and other organizations to include lease obligations on their balance sheets. The final Accounting Standards Update (ASU) is...
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November 12, 2015, 07:30 AM
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The International Accounting Standards Board (IASB) is in the process of finalizing a new International Financial Reporting Standard (IFRS) that will require companies to bring leases onto the balance sheet. On March 16, 2015, it published a...
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March 17, 2015, 07:03 AM
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CHP Consulting has produced a newly updated whitepaper on changing standards in lease accounting, to address the latest output from the IASB and FASB. The fully revised Lease Accounting Reform: The Systems Impact for Asset Finance Lessors reflects...
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October 21, 2014, 07:06 AM
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The Equipment Leasing and Finance Association has selected John Bober, Global Technical Controller for GE Capital, to receive its 2014 Distinguished Service Award. The award honors individuals who have made significant contributions to the...
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September 09, 2014, 07:00 AM
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According to the Wall Street Journal, U.S. and international accounting rule makers are getting closer to a final version of thier proposed lease accounting overhaul, but the two boards are unlikely to use the same lease expensing model in their...
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August 11, 2014, 06:50 AM
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Full U.S. adoption of International Financial Reporting Standards (IFRS) appears unlikely to occur in the intermediate-term as the major accounting standard setters continue to move away from full convergence of their standards, according to a Fitch...
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July 09, 2014, 06:37 AM
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The FASB and the IASB continued redeliberations of the proposals included in the May 2013 Exposure Draft, Leases, specifically discussing the following topics: (1) lessee accounting model, (2) lessor accounting model, (3) lessor Type A accounting...
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March 25, 2014, 06:40 AM
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According to a report in the Journal of Accountancy, FASB and the IASB are still struggling to find common ground in their efforts to create a converged standard for financial reporting on leases.During a Tuesday meeting at FASB’s headquarters in...
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March 20, 2014, 07:00 AM
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U.S. banks and credit unions, preparing for proposed changes to how they must estimate credit losses, anticipate they’ll eventually need to boost allowances for loan and lease losses by up to 50 percent, according to a new survey by Sageworks, a...
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March 14, 2014, 07:01 AM
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The Equipment Leasing and Finance Association (ELFA) has posted an article by Bill Bosco, Principal of Leasing 101, and member of the ELFA Financial Accounting Committee, on the lease accounting project to the ELFA website. The article notes that...
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October 04, 2013, 07:05 AM
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Additional complexities for accountants who deal with a large number of operating leases will arise from the IASB’s proposals says the Global Forum for Corporate Reporting.
Proposals to change the way in which leased assets are accounted for, put...
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September 16, 2013, 06:55 AM
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Lessees and Lessors are Encouraged to Submit Comment Letters by the September 13th Deadline CG Commercial Finance (CGCF) released an animated video outlining the issues and implications related to lease accounting changes proposed by FASB and IASB...
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September 06, 2013, 06:50 AM
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Calls for Boards to Reevaluate the Leases ProjectWilliam G. Sutton, CAE, President and CEO of the Equipment Leasing and Finance Association, released the following statement highlighting recent developments that add to mounting evidence that the...
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September 04, 2013, 07:03 AM
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The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) formally announced plans to create a joint transition resource group focused on the upcoming final converged standard on revenue recognition. The...
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July 29, 2013, 07:01 AM
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James L. Kroeker, former chief accountant for the U.S. Securities and Exchange Commission (SEC), has been appointed a member and vice chairman of the Financial Accounting Standards Board (FASB). The appointment was announced by the Board of Trustees...
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July 25, 2013, 07:06 AM
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Reuters reported that the U.S. Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) found little common ground during a meeting held on Tuesday to help shield taxpayers from further bank bailouts despite...
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July 24, 2013, 06:58 AM
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Fitch Ratings expects lessors to face significant challenges in applying the new rules, but the impact on economic fundamentals in the leasing industry will be limited.Off-balance sheet treatment, which would end for most lessees under the terms of...
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July 18, 2013, 06:59 AM
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On July 9, ELFA's lease accounting team—members Rod Hurd, John Bober and Bill Bosco and Chief Operating Officer Ralph Petta—met at the offices of the Financial Accounting Standards Board in Norwalk, Conn., to discuss the lease accounting Exposure...
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July 15, 2013, 06:58 AM
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The FASB and the IASB will host several joint public roundtable meetings on their revised joint proposals on leases that were published in May 2013: the revised proposed FASB Accounting Standards Update, Leases (Topic 842), and the IASB Exposure...
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July 03, 2013, 07:02 AM
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Thomson Reuters has released an overview of the Financial Accounting Standards Board's (FASB) proposed accounting standards for leases. The report covers topics such as:
Scope of the new guidance on leases
Definition and classification of a...
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June 11, 2013, 07:03 AM
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The Equipment Leasing and Finance Association will hold a web seminar, “Changes in Lease Accounting: Analysis and Implications for Your Business,” on Thursday, June 27, 12:30pm-2pm ET. The web seminar will analyze the lease accounting Exposure Draft...
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June 05, 2013, 07:03 AM
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According to an article posted on the Journal of Accountancy, IASB Chairman Hans Hoogervorst on Thursday acknowledged the converged lease accounting proposal is bound to be unpopular with many companies.The report states that in a telephone...
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May 17, 2013, 07:14 AM
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William G. Sutton, CAE, President and CEO of the Equipment Leasing and Finance Association, today released the following statement regarding the exposure draft published by the Financial Accounting Standards Board (FASB) and the International...
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May 16, 2013, 10:10 AM
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The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) today published for public comment a revised Exposure Draft outlining proposed changes to the accounting for leases. The proposal aims to improve...
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May 16, 2013, 07:24 AM
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According to a report on Accounting Today, fifteen of the largest banks in the U.S. have written a letter to the chairmen of the Financial Accounting Standards Board and the International Accounting Standards Board encouraging them to resolve their...
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May 15, 2013, 07:13 AM
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LeaseAccelerator announced that it has published a new lease accounting whitepaper for lessees that explains the new 2013 FASB Exposure Draft, which the FASB is expected to release later this week. The official title is "How to Prepare Now for the...
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May 14, 2013, 07:00 AM
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The Journal of Accountancy reported that FASB decided Wednesday to move forward with a re-proposal on financial reporting for leases that will be converged with that of the International Accounting Standards Board (IASB).According ot the report, the...
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April 12, 2013, 07:19 AM
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The Financial Accounting Standards Board (FASB) voted to extend the comment deadline for its proposal to improve financial reporting about expected credit losses on loans and other financial assets held by banks, financial institutions, and other...
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March 29, 2013, 07:14 AM
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The Financial Accounting Standards Board (FASB) will join the Accounting Standards Advisory Forum (ASAF), the new advisory group for the International Accounting Standards Board (IASB), the Financial Accounting Foundation (FAF) announced yesterday....
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March 20, 2013, 07:00 AM
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According to a Bloomberg report, Banks’ loan-loss reserves may jump 50% under a proposed U.S. accounting-rule change that redefines how quickly firms must recognize bad debts, standard-setters said. The report outlines how the proposed rule pushes...
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December 21, 2012, 07:00 AM
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The IASB and the FASB discussed questions that have been raised about the Boards’ tentative decisions regarding sale and leaseback transactions; issues on how a lessee would account for leases under the single lease expense (SLE) approach; and issues...
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September 24, 2012, 06:33 AM
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CFO.com reports the new lease accounting proposal agreed upon by the FASB and IASB is still getting pummeled by finance executives. Ralph Petta, chief operating officer at the Equipment Leasing and Finance Association (ELFA) notes that the boards’...
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September 20, 2012, 07:14 AM
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The Equipment Leasing and Finance Association (ELFA) has announced it may withdraw its support for the proposal to develop a new lease accounting standard, calling the current proposal “fraught with difficulties.” In a letter to the Financial...
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September 05, 2012, 10:00 AM
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CFO.com reported that companies that lease equipment could see their profits shrink in the early years of a contract under the new proposed Financial Accounting Standards Board’s (FASB) and International Accounting Standards Board’s (IASB) June 13th...
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July 18, 2012, 07:29 AM
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An article posted on CFO.com states that CFOs and CEOs of nonfinancial companies will have to use tables to explain financial data if the Financial Accounting Standards Board’s (FASB) liquidity disclosure proposal moves forward.According to the...
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July 09, 2012, 07:25 AM
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Leaseurope, the European Federation representing the leasing and automotive rental industry, is pleased to see that the Boards have officially communicated on the next steps in their Leases project. The timeframe should provide the leasing industry...
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June 15, 2012, 08:00 AM
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The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) today agreed on an approach for accounting for lease expenses as part of a project to revise lease accounting in International Financial Reporting...
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June 14, 2012, 07:50 AM
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The Wall Street Journal reported U.S. and international accounting rule makers are readying to vote on a method for how new lease accounting rules will impact corporate earnings in June, resulting in a new draft of the rules being potentially...
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May 25, 2012, 08:00 AM
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In the latest developments on the Financial Accounting Standards Board (FASB)/International Accounting Standards Board (IASB) Leases Project, the Boards have conducted outreach meetings with the main objective of changing the lessee cost pattern. At...
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May 03, 2012, 07:30 AM
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The latest FASB/IASB Lease Accounting Project meetings on February 28 and 29 had as the main objective changing the lessee cost pattern to straight line similar to current GAAP. The reason for the continued work on the lessee cost pattern is that...
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April 27, 2012, 05:30 AM
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CHP Consulting has published the second in a series of thought leadership pieces on the IASB and FASB’s overhaul of lease accounting.Lease Accounting Reform: The Systems Impact for Asset Finance Lessors summarizes the key features of the proposals so...
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March 26, 2012, 06:30 AM
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In a new paper on lease accounting, “Are All Leases Created Equal?”, Grant Thornton LLP discusses the FASB’s and IASB’s current thinking on lease accounting. The Boards have tentatively decided on a single model for lessors (the receivable and...
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March 09, 2012, 06:30 AM
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The Financial Accounting Standards Board (FASB) has added to its agenda a project to re-examine the definition of a “nonpublic entity.” The decision by FASB Chairman Leslie F. Seidman to add the agenda project was based on comments from stakeholders...
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March 09, 2012, 06:00 AM
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In the February 28, 2012 FASB/IASB Joint Board Meeting, the FASB and the IASB discussed lessee accounting and, in particular, different methods of amortizing the right-of-use asset. They also discussed any consequences that a change to the lessee...
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March 02, 2012, 08:30 AM
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A coalition of several leading nonprofit and commercial organizations, including the U.S. Chamber of Commerce, released a report today that examines the economic impact of the International Accounting Standards Board (IASB) and Financial Accounting...
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February 17, 2012, 07:30 AM
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