Compliance

Preparing for Lease Audit Procedures under ASC 842

With a new lease accounting standard – ASC 842 – in place, accounting and finance teams know that this area is one that is likely to get more attention than usual from the auditors. It’s therefore critical to ensure that this section of the books is fully audit-ready, and that you are prepared for the audit procedures likely under ASC 842.
Compliance

IFRS 16 And ASC 842 Standard Differences

In this article, we look at the differences between ASC 842 & IFRS 16 and in doing so gain a deeper understanding of how to ensure smoother and better compliance more efficiently.

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Compliance

Accounting for Operating Leases under ASC 842

In this article, we’ll go over the main requirements when it comes to accounting for operating leases under ASC 842. We’ll also look at some tips and best practices to ensure that your ASC 842 compliance is seamless and smooth.
Compliance

ASC 842 vs ASC 840: How to Ensure a Smooth Transition

With ASC 842 coming into effect and effectively replacing ASC 840, things have changed dramatically. In this article, we’ll look at the differences between ASC 840 and ASC 842, with a specific focus on ensuring the smoothest ASC 842 compliance journey possible.
Tools & Tips

2 Years Into IFRS 16 Adoption: Lessons Learned

While there was much uncertainty swirling around when IFRS 16 replaced IAS 17, over the course of the past two years, a lot has become clearer. What’s more, we can learn from others in terms of what to do and what not to do when it comes to IFRS 16 compliance. In this article, we’ll look at the main lessons learned 2 years into IFRS 16 adoption.
Tools & Tips

How to choose ASC 842 software

Choosing the right ASC 842 software can be challenging. In this article, we’ll guide you through the process, including the right questions to ask of your lease accounting software, what to look out for, and potential pitfalls to avoid.
Tools & Tips

ASC 842 Disclosure Requirements & How to Avoid Common Pitfalls

ASC 842 disclosures ensure that key information is presented to the user of the financial statements and allows such users to assess the amount, timing, and uncertainty of cash flows arising from leases. Read on for more information on disclosure requirements, the common pitfalls, and advice on how to avoid them.
Tools & Tips

How to Identify an Embedded Lease

You might have heard the term “embedded lease” appearing increasingly often, especially in relation to ASC 842. While you won’t find the term mentioned explicitly in these accounting standards, the concept is extremely relevant and highly important – and can make a huge difference to your bottom line, quite literally.
Compliance

How should I account for lease modifications under ASC 842?

In this article we’ll look at what a lease modification under ASC 842 is, how lease modifications should be accounted for in terms of ASC 842, as well as important information that can make your lease accounting smoother than you ever imagined.
Compliance

Your Guide to GASB 87 Compliance

Ensuring GASB 87 compliance is a challenge that grows with each additional lease you have in place. Read our blog post for more information about the standard, implementation, & ways to streamline compliance.
Compliance

GASB 96: The Next Big Thing

GASB 96 has been called “The Next Big Thing” and its impact will be felt in every government department and related entity. In short, across the country GASB 96 is going to bring massive changes. Ensure you understand the impact this Statement will have, and are properly prepared to adopt it seamlessly.
AI & Tech

AI for Firms: Leveraging Modern Technology for Lease Accounting & New Standards

Join Trullion CEO Isaac Heller on Wednesday, May 19 at the ncaCPA Business & Industry Spring Conference. Due to recent technological innovations the CPA profession is on the verge of a great transformation. This session focuses on what CPAs need to know about artificial intelligence, starting with identifying what exactly artificial intelligence is and possible implications for CPAs.
Compliance

ASC 842 Summary

In this article, you'll find a summary of ASC 842, plus adoption deadlines, operating lease criteria and tips for preparing for the regulation to kick in.
Compliance

ASC 842 Effective Date

When does ASC 842 come into effect, and when should you start preparing? All answers in the article.