Accounting for COVID-19 Lease Concessions
LeaseQuery’s lease accounting experts explain the accounting options for lease concessions granted due to COVID-19. The new relief provisions offered by the FASB for efficient lease accounting during the pandemic will be covered, along with several examples of how to apply.
Recent Blogs
FRS 102 Lease Accounting: What the Update Means for Businesses in the UK and Republic of Ireland
In March 2024, the Financial Reporting Council (FRC) published the most significant revision to FRS 102 since its inception. The update, effective for accounting periods beginning on or after January 1, 2026, introduces a single accounting model for lease accounting...
Is Your Lease Accounting Ready for the Next Level? 5 Telltale Signs You’re Outgrowing Your Current Setup
It’s a classic tale in business: what got you here won’t necessarily get you there. This is especially true for lease accounting. The systems and processes that worked perfectly when your lease portfolio was smaller and simpler can start to show cracks as your...
Impairment of Leased Assets and the Right-of-Use Asset under ASC 842 and IFRS 16
1. What is an impairment? Do you have impairment indicators? Is your asset recoverable? How do I calculate impairment? Subsequent accounting Reversal of impairment losses 2. Summary 3. Related articlesWhat is an impairment? In accounting, an impairment loss occurs...
