Many claim that "principles-based" accounting standards are superior to "rules-based" standards. For example, the chair of the International Accounting Standards Board, Sir David Tweedie, made this ...

International Financial Reporting Standard (IFRS) 16 came into effect on January 1. The impact of the new standard can be felt across all industries, particularly those that rely heavily on rentals ...

Shifting application from an individual lease to a portfolio level offers practicality and cost minimization for companies adopting FASB’s new lease accounting standard. Here are tips for applying a ...

Many public companies are not finished implementing FASB’s new lease accounting standard, and one-third of private companies say they are unprepared to comply with the new standard, according to a new ...

Leasing is an integral part of the everyday activity of most businesses. A business may lease its premises consisting of offices, factories and warehouses. Additionally businesses often lease other ...

Businesses are downsizing their office space and renegotiating leases as employees work from home, and they need to look at how they’re accounting for the leases under the new rules. A recent poll ...

This story appears in the March 14 print edition of Transport Topics. Long-awaited nationwide lease accounting standards will require fleets to take a close look at their accounting procedures to ...

For decades, companies have leveraged a tactic called off-balance sheet (OBS) financing to borrow for major capital expenditures, including real estate and equipment, without having to account for ...

The Financial Accounting Standards Board’s (FASB’s) new lease accounting standard will become effective for private companies and not-for-profits beginning with fiscal years that start after December ...

The Financial Accounting Standards Board has given U.S. private companies and nonprofits another year to start treating their operating leases as liabilities on their balance sheets. Now they have to ...

The past two years have shuffled business priorities and workflows, which has left many companies catching up on their transition to the new lease accounting standards (ASC 842, GASB 87, IFRS 16 and, ...