1. Capital/finance lease criteria Example scenarios of capital/finance leased equipment 2. Example: Equipment lease under ASC 842 Opening calculation Amortization schedule Journal entries 3. Leasing vs. buying equipment Benefits of leasing Benefits of buying Financial...
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Jason Parker, Sr. Alliance Manager
GASB 87 Sale-Leaseback and Lease-Leaseback Accounting Transactions
1. Sale-leasebacks GASB 87 requirements Quantitative example Disclosure requirements 2. Lease-leasebacks GASB 87 requirements Quantitative example Disclosure requirements 3. Summary 4. Related articlesOrganizations often enter into either sale-leaseback or...
Financial Statement Audits for Leases: Planning
Private organizations are moving closer to the required adoption date for ASC 842, Leases. The highly publicized lease accounting transition to ASC 842 will, qualitatively and quantitatively, impact a company’s financial statements in a significant manner. When...
Lease Termination Accounting under FASB, IFRS, and GASB: Options to Terminate, Costs, and More
To terminate a lease is to cancel the agreement before the end of the specified lease term. Many lease agreements may include an option for either lessees or lessors to terminate the agreement prior to the end of the original lease term. Lease termination options can...
GASB 87: Two Examples of How to Transition for Lessees
The new lease accounting standard for governmental organizations, GASB Statement No. 87, goes into effect for all reporting periods that begin subsequent to December 15, 2021. In 2019, GASB released an implementation guide to provide additional clarification on GASB...
GASB 13: A Comprehensive Example
Similar to the FASB and IASB, the Governmental Accounting Standards Board released guidance updating the accounting for lease agreements. GASB No. 87, Leases, is effective for applicable governmental entities for reporting periods that begin subsequent to December 15,...