Lease Accounting

FASB Launches Post-Implementation Review Web Portal

The Financial Accounting Standards Board launched its new post-implementation review (PIR) web portal. The PIR process is a quality control mechanism built into FASB’s standard-setting process that begins after a standard is issued. read more

ELFA Webinar Explores Challenges of Adopting the CECL Accounting Standard

The adoption by public companies of the CECL accounting model ASC 326-20 has coincided with one of the most challenging economic environments seen in generations. An ELFA webinar outlined what’s being observed from public companies during implementation of the standard. read more

LeaseAccelerator Launches EZLease Application

LeaseAccelerator, a lease lifecycle automation (LLA) software company, launched EZLease, an automated lease calculator for rapid, low-cost compliance. read more

LeaseQuery: Companies Struggle With First Audits Under New Lease Accounting Rules

According to a survey from LeaseQuery, companies struggled with the first audits completed under the landmark new lease accounting standard. In fact, half of public companies said additional effort was needed for the process. read more

FASB Reschedules Roundtable on Lease Accounting Standard Implementation

The Financial Accounting Standards Board rescheduled the date of its public roundtable discussion on the implementation of its accounting standard on leases. The virtual roundtable will take place on Friday, Sept. 18, 2020, in two sessions. read more

EY and LeaseAccelerator Form Lease Accounting and Contract Management Alliance

LeaseAccelerator and Ernst & Young formed an alliance to provide increased transparency over critical lease terms and help reduce cost, risk and time to simplify the compliance experience. read more

CHB Implements Credit Origination System by Dominion Leasing Software

CHB implemented DecisionComplete, a credit origination solution provided by Dominion Leasing Software, which was designed for seamless credit application processing. read more

ATG Adopts ASC 842 Compliance with Visual Lease Accounting Software

Apex Tool Group implemented Visual Lease’s software to streamline its ASC 842 lease accounting compliance, simplify the consolidation of its leases and serve as a repository to help with its lease portfolio management. read more

Financial Regulators Issue Statement on Managing LIBOR Transition

The FFIEC highlighted potential risks from the transition away from LIBOR and encouraged supervised institutions to continue their efforts to transition to alternative reference rates. read more

Visual Lease Introduces Enhanced Reporting for Global & National Businesses

Visual Lease released 20.2, providing expanded lease accounting and reporting capabilities for global and national companies required to comply with GASB 87 and FASB 842. read more

Insight Financial Services Achieves Recertification of SOC 1 Type 2

Insight Financial Services successfully completed the Service Organization Control 1 Type 2 Audit for the fifth consecutive year. read more

FASB Offers Limited Effective Date Delays on Revenue Recognition & Leases Standards

The FASB issued an Accounting Standards Update that grants a one-year effective date delay for certain companies and organizations applying the revenue recognition and leases guidance. read more

ELFA Webinar: Accounting Insights for COVID-19 Lease & Loan Modifications

ELFA’s webinar addressed modification accounting, application of FASB COVID-19 related relief and operational considerations when modifying contracts. read more

FASB Extends Deadline for New Accounting Rules

The Wall Street Journal reported that the FASB extended the time to implement new accounting rules for some private companies and non-profits. read more

FAF Improves Post-Implementation Review Process for Accounting Standards

The FAF Board of Trustees adopted improvements to the Post-Implementation Review process for new accounting standards created by the FASB and GASB. read more

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