The Governmental Accounting Standards Board released a technical bulletin with guidance for applying existing GASB standards to transactions related to the CARES Act and outflows incurred in response to the COVID-19 pandemic. It answers some of the questions raised by GASB stakeholders, especially state and...
The International Accounting Standards Board introduced a significant overhaul to lease accounting standards, and while the changes went into effect at the start of 2019, corporates continue to face challenges to adhere to the standards and remain compliant. In response, corporate accounting FinTechs and financial consultants...
The economic fallout from COVID-19 is causing an unprecedented number of challenges and lease changes for many companies. But it also presents new opportunities for harnessing lease data to conserve and generate cash. Here are a few ways to identify such opportunities, execute on them,...
Norwalk, CT, June 3, 2020—The Financial Accounting Standards Board (FASB) today 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 continues to be permitted. “The FASB issued the...
The FASB met on Wednesday, May 20, 2020 voted to extend the effective date of Topics 606, Revenue from Contracts with Customers, and 842, Leases, for certain entities and has directed the staff to draft a final Accounting Standards Update (ASU) for vote by written ballot. VIEW...
