Equipment leasing can be a game-changer for small businesses, particularly those looking for a competitive edge over their competition, companies just starting or looking to expand, by providing access to essential business equipment. Here are some reasons why. Benefits of an Equipment Lease Cost savings Equipment leasing enables small businesses to acquire the necessary equipment […]
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Lease management software is a specialized tool designed to help companies manage their lease agreements more effectively. It offers a range of features that make it easier to track lease information, automate lease payments, and ensure compliance with accounting and reporting standards. Here we explore the benefits of lease management software and why it is
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Understanding the IFRS 16 Leases Accounting Standard IFRS 16 is a new accounting standard issued by the International Accounting Standards Board (IASB) that sets out the accounting rules for leases. It replaced the previous standard, IAS 17, and became effective for annual periods beginning January 1, 2019. The standard applies to annual reporting periods beginning
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ASC 842 is a new lease accounting standard issued by the Financial Accounting Standards Board (FASB) that became effective for public companies on December 15, 2018, and for private companies on December 15, 2019. This standard replaced the previous lease accounting standard, ASC 840. Under ASC 842, all leases with a term of more than
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GASB 87 and 96 are new accounting standards issued by the Governmental Accounting Standards Board (GASB) for state and local governments in the United States. GASB 87, which became effective for reporting periods beginning after December 15, 2019, establishes accounting and financial reporting requirements for leases by state and local governments. Similar to ASC 842
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The new lease accounting standards (ASC 842, IFRS 16, GASB 87) are not just a one-and-done disclosure. They usher in a new approach to accounting that includes an ongoing, cross-departmental effort – and, a much higher level of scrutiny. Lease accounting is interdependent on lease administration. The new standard(s) require collecting leases from across your
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