Our Resource Centre is a hub for all things leasing.

Applying ASC 842 & IFRS 16: Prepare for Compliance During COVID-19 Lockdown

Posted by Ryan Hendrie on 28/07/20 13:47

Would it not have been a godsend had your business been in compliance with the new leasing standards as lockdown was enforced and working from home became such a norm?

ASC 842 and COVID-19

Posted by Ryan Hendrie on 27/07/20 13:02

The first half of 2020 will have been dominated by the effects of the worldwide pandemic in every sphere – economic, ecological, governmental, agricultural, industrial, medical, financial and personal.

Applying ASC 842: The Impact of COVID-19

Posted by Ryan Hendrie on 24/07/20 14:34

 
The issuance of Topic ASC 842 by the Financial Accounting Standards Board (FASB) took many years of planning, consultation, drafting and submission prior to its acceptance as a new lease standard in 2016 – it has not always been zealously adopted. COVID-19 appeared in Wuhan, China in December 2019 and has subsequently literally gripped the world.

FASB ASC 842 Accounting Standards Updates

Posted by Ryan Hendrie on 23/07/20 13:21

Is your organisation up to speed with all the Financial Accounting Standards Board (FASB) updates for ASC 842? 

COVID 19: Accounting for Rent Concessions Under IFRS 16 and ASC 842

Posted by Ryan Hendrie on 20/07/20 12:35

 

In response to the coronavirus pandemic, many lessees have been requesting and negotiating rent concessions from lessors such as rent holidays, payment deferrals and partial rent forgiveness. Such concessions can have a variety of accounting implications under the current lease accounting guidelines.  

FASB Defers Effective Date for ASC 842 in Response to COVID-19

Posted by Ryan Hendrie on 23/06/20 15:07

 

In a move to counter the effects of the COVID-19 pandemic on the implementation of certain accounting standard updates, FASB has on June 3rd announced the issuance of Update 20-05, Effective Dates for Certain Entities. This has an immediate effect with regard to GAAP-compliant financial statements.

IFRS 16 – Accounting for COVID-19 Lease Concessions

Posted by Ryan Hendrie on 21/05/20 15:56


Since the arrival of the COVID-19 pandemic here in the UK and the subsequent “lockdown”, HMG has announced several measures to protect both lessees and lessors with regards to the collection of rentals and repossession of properties.

IFRS 16: Public Sector Implementation Deadline Deferred Until 2021/22

Posted by Ryan Hendrie on 20/05/20 16:09



Important Announcement - March 2020: In light of COVID-19 pressures, HM Treasury and the Financial Reporting Advisory Board (FRAB) have decided that the IFRS 16 implementation deadline of 1 April 2020 for the public sector will be deferred for a further year, to 2021/22.
 

Applying IFRS 16: Implementation In Practice [Webinar Recording]

Posted by Ryan Hendrie on 27/04/20 16:55

 

Watch as director of Innervision, Martin Kennard and Jenny Britt, Senior Manager - Ernst & Young's Financial Accounting Advisory Services discuss the challenges of transitioning to the new lease accounting standards.

How will AI Impact The Future Of Accountancy?

Posted by Ryan Hendrie on 21/01/20 11:00



Artificial Intelligence (AI) is an expression that is currently cropping up everywhere we look, hear and read.