FASB Related Content

FASB Credit Loss Standard Worrisome for Banks

According to a survey conducted by Deloitte, the new accounting standards under the expected credit losses standard will have a pervasive impact on all financial institutions. read more

Deloitte Poll: 2017 May Be the Year of Lease Accounting Implementation

More than one-half (54.7%) of respondents to a Deloitte poll expect their organizations to increase the amount of time and effort spent on implementing the new FASB and IASB lease accounting standards in 2017. read more

Taxation for Leasing Companies: A Primer for 2017

ECS Financial's Jay W. Dahl explains that leasing software is an important tool that can be used to collect the substantial amount of information needed to meet the FASB's new leasing standards. He also advises that a good understanding of GAAP and federal and state taxes rules will help alleviate the burden of taxes on your business.... read more

Regulatory Advocacy Needed: Keep Capitalized Operating Leases “Capital Free”

The industry has a new issue in need of advocacy. The capital requirements of banks and other regulated financial institutions are at stake as regulators may treat newly capitalized right of use asset and operating lease liability as any other asset and debt. Bill Bosco provides background on the situation, discusses the ELFA’s advocacy efforts and initiates a call to action.... read more

The New Rules: Differences Between FASB & IASB

Although the initial goal of the lease accounting project was to create a global set of rules, the FASB and IASB could not agree on everything, which resulted in some disparity. Bill Bosco discusses the key differences between the two sets of rules and the resulting implications.... read more

It’s All About Lessee-Side Balance Sheet Reporting

With the new FASB lease accounting standard inching ever closer to implementation, CPA Phil Tirino takes a closer look at the new leasing guidelines and gives further insight into what needs to be done to prepare and some technical points of distinction for operating and finance leases. ... read more

FASB Issues New Guidance on Not-for-Profit Financial Reporting

The FASB issued an Accounting Standards Update that simplifies and improves how not-for-profit organizations classify net assets. read more

Study Shows Expected Impacts of New Lease Accounting Standards

Financial Executives Research Foundation (FERF), in collaboration with EY, issued a new study assessing what companies are doing to address the challenges brought by the new lease accounting standards. read more

The New Rules Get It Right: ITC Confirmed as Lease Revenue

The new lease accounting rules have clarified that the investment tax credit is a component of lease revenue, but the FASB did not include any detailed guidance regarding how to account for it. Bill Bosco discusses the history of the ITC tax credit and provides an example of how to handle this complex accounting.... read more

Fitch Says New Lease Accounting Standards Won’t Affect Ratings

The new lease accounting rules released by the Financial Accounting Standards Board will not affect credit ratings by Fitch Ratings, according to the nationally recognized statistical rating organization. read more

FASB Appoints Scoles to Emerging Issues Task Force

The Financial Accounting Standards Board (FASB) appointed Mark Scoles, partner-in-charge of Grant Thornton’s Accounting Principles group, to the Emerging Issues Task Force. read more

Moody’s: Lease Accounting Changes Will Add $1T to Balance Sheet Debt

According to Moody’s, FASB’s much-anticipated new lease accounting standard requiring the recognition of operating leases on the balance sheet will increase reported debt by roughly $1 trillion. read more

FASB Issues New Guidance on Lease Accounting

The Financial Accounting Standards Board (FASB) issued an update on the new accounting standards intended to improve financial reporting of leasing transactions. read more

Community Bankers Express Concern Over FASB Credit Loss Proposal

A delegation of community bankers from the Independent Community Bankers of America met with FASB on widespread concerns regarding the Expected Credit Loss Proposal read more

Study Identifies Companies Most Affected by Lease Accounting Rules

LeaseAccelerator published a report listing the off-balance sheet lease obligations of the 500 largest U.S. public companies. The report aims to provide awareness of the impact of the new lease accounting standards. read more

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