Our Resource Centre is a hub for all things leasing.

ASC 842 Summary: What lessees need to know

Posted by Ryan Hendrie on 10/12/20 08:45

Replacing FASB ASC 840, the revised ASC 842 was published in 2016 along with the associated and similar IASB IFRS 16. For public listed companies it came into effect for fiscal years and interim accounting periods beginning after December 19th, 2018 and private companies were scheduled for compliance from those periods beginning 15 December 2019.

Public Sector IFRS 16 Implementation Deadline Deferred to April 2022

Posted by Ryan Hendrie on 08/12/20 12:18



Important announcement for local authorities - December 2020: In light of COVID-19 pressures, the CIPFA LASAAC Local Authority Accounting Code Board has agreed to defer the implementation of IFRS 16 Leases in the Code of Practice until the 2022/23 financial year.

ASC 842: Lease Modifications & Remeasurement

Posted by Ryan Hendrie on 08/12/20 09:32

Whether intended at the outset or found necessary during the initial or additional lease periods, lease modifications have always been common but accounting for these changes is that much more complicated under ASC 842.

Adopting IFRS 16 – Update for the UK Public Sector

Posted by Ryan Hendrie on 03/11/20 15:46

Back in January 2019, it was reported that ongoing issues around public sector compliance with the new lease accounting standard, IFRS 16, had been recognised by The Financial Reporting Advisory Board (FRAB), the oversight body for accounting framework compliance across the public sector.

U.K. FRC Urges Improved Company Reporting of IFRS 16 Disclosures

Posted by Ryan Hendrie on 29/10/20 12:03

 

The Financial Reporting Council (FRC) recently (September 2020) published a thematic review of disclosures made in the first year of IFRS 16 application, as a follow up to their November 2019 report which looked at disclosures in interim accounts following the implementation of the new leases standard by lessees.

Identifying Embedded Leases Under ASC 842

Posted by Ryan Hendrie on 24/09/20 11:35

Every accounting standard has its own set of challenges, but there’s one aspect of all of the guidelines relating to ASC 842 that is especially challenging and that is the issue of addressing embedded leases.

ASC 842 Disclosure Requirements for Lessees

Posted by Ryan Hendrie on 22/09/20 10:45

In February 2016, the Financial Accounting Standards Board (“FASB”) issued the new leasing standard in ASU 2016-02 (“ASC 842”) for both lessees and lessors for use when preparing financial statements.

Case Study: How Quadrent Helped Innervision Expand Its Global Footprint

Posted by Ryan Hendrie on 04/09/20 12:14

OVERVIEW

Innervision by IRIS successfully renews JOSCAR accreditation

Posted by Ryan Hendrie on 02/09/20 11:01

Innervision Management Limited, part of the IRIS Software Group, is proud to announce that it has successfully completed the renewal process for the Joint Supply Chain Accreditation Register (JOSCAR), an accreditation system which permits major organisations in the defence, aerospace and security sector to identify approved suppliers and manage third party risk in the supply chain.

IFRS 16 – Lease Payments and Lease Liabilities

Posted by Ryan Hendrie on 12/08/20 12:15

With the transition to and on-going compliance with IFRS 16 Leases, lessees will be required to bring most if not all of their leases, that is each “right of use asset” (ROU) and its associated liability, onto their balance sheets.