1. What is rent expense? 2. How has accounting for rent payments changed under ASC 842? 3. How is rent expense measured? Other considerations in rent expense measurement 4. Differences in timing of cash flows in rent payments Prepaid rent Deferred rent Accrued rent 5....
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10 Essential Tips for Effective Contract Negotiation
Contract negotiation is a critical process for any organization, as it directly impacts both operational efficiency and financial performance. Contracts form the foundation of business relationships, outlining the terms and conditions that govern transactions and...
Contract Management in Excel: Advantages, Disadvantages, and More Explained
In the fast-paced world of business, efficient contract management is essential for organizations to stay organized, compliant, and ahead of the competition. From tracking critical dates to analyzing contract costs, having a centralized system for managing contracts...
NetSuite Lease Accounting: What You Need to Know
Are you considering doing your lease accounting in NetSuite? Oracle NetSuite is one of the most well-known accounting software solutions on the market. Its popularity is due to its wide range of accounting functionalities and superb customer support. While NetSuite is...
Corporate Budgeting for Fixed Assets, Leases, and Software
Corporate budgeting is the process of creating a detailed financial plan for an organization. It typically includes forecasting revenues and expenses, to project profits, as well as setting targets and priorities for various departments or programs. It involves...
Right-of-Use Asset (ROU Asset) and Lease Liability for ASC 842, IFRS 16, and GASB 87 Explained with an Example
1. What is a right-of-use asset? 2. What is a lease liability? 3. Right-of-use asset under ASC 842 How to calculate the right-of-use asset under ASC 842 Right-of-use asset accounting example 4. Right-of-use asset under IFRS 16 How to calculate the right-of-use asset...
What Is a SBITA? How to Know if Your Organization Has Them
GASB Statement No. 96 What is GASB 96? Because of the increased popularity of subscription-based information technology arrangements (SBITAs) the GASB issued Statement No. 96 (GASB 96). This statement provides guidance on the accounting and financial reporting for...
Documenting ASC 842 Policies and Procedures
As with any new standard update, adopting ASC 842 will require the implementation of new policies and procedures. To get a better idea of what policies and procedures should be developed, it is helpful to have a good understanding of what your auditors will be looking...