Trullion Blog

Read about our people, our technology, and the future of accounting.

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Why AI Is Here To Help Accountants – And Not Replace Them

By Moshe Freedman, CPA | November 14th, 2021

Technology is replacing many of the tasks previously carried out by human beings. Especially when it comes to manual, repetitive jobs such as product assembly, robots have shown that technology can accomplish these tasks quicker, better and cheaper. Are accountants too set to be replaced by AI? (Hint: we don’t think so.)

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Tools & Tips

Why AI Is Here To Help Accountants – And Not Replace Them

by Moshe Freedman, CPA | November 14th, 2021

Technology is replacing many of the tasks previously carried out by human beings. Especially when it comes to manual, repetitive jobs such as product assembly, robots have shown that technology can accomplish these tasks quicker, better and cheaper. Are accountants too set to be replaced by AI? (Hint: we don’t think so.)

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Compliance

Lessor vs Lessee Under ASC 842

by Moshe Freedman, CPA | November 4th, 2021

Lessee? Lessor? Both? Implementing ASC 842 can be confusing, especially when it comes to the differences between the requirements for a lessor and a lessee. What has changed since ASC 840? What’s remained the same? 
AI & Tech

Optimizing lease accounting for SaaS companies

by Shoshi Goldstein | October 31st, 2021

SaaS companies have special requirements when it comes to lease accounting. We’ll take a closer look at their needs, and how these can best be met to ensure smooth and efficient lease accounting.
Compliance

The Benefits of Early Adoption of ASC 842

by Lee Greene | October 17th, 2021

ASC 842 has swept into the lives of many accounting professionals much quicker than expected. What first started as a draft process back in 2016 has finally become a reality. While public companies have had to adopt ASC 842 already, private companies were offered the choice of adopting this standard early. Read on as we discover the benefits of early adoption of ASC 842.
Tools & Tips

IBR: The Bottleneck of Lease Accounting

by Moshe Freedman, CPA | October 4th, 2021

In this article, we'll examine why the IBR is so important & then look at how to select and calculate the discount rate to be used in your company’s lease calculations.
Compliance

Preparing for Lease Audit Procedures under ASC 842

by Lee Greene | September 26th, 2021

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

Accounting for Operating Leases under ASC 842

by Lee Greene | September 19th, 2021

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

by Moshe Freedman, CPA | September 12th, 2021

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

How to choose ASC 842 software

by Shoshi Goldstein | September 1st, 2021

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.
Compliance

IFRS 16 And ASC 842 Standard Differences

by Moshe Freedman, CPA | July 22nd, 2021

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.
Tools & Tips

5 Accounting Hacks We Are Thankful for this Year

by Shoshi Goldstein | November 22nd, 2021

Thanksgiving is the time of the year to be thankful for the bigger, and smaller, things in life. Whether those things are personal or work-related, being thankful is actually proven to be good for you. We hope that you too can benefit from these hacks, and find even more to be thankful for in the year ahead.
Tools & Tips

How to calculate lease liability under IFRS 16

by Moshe Freedman, CPA | October 26th, 2021

One of the most significant elements of IFRS 16 is calculating the lease liability. In this article we go through the steps required in order to calculate the lease liability, and also take a look at some common pitfalls and helpful tips when it comes to this calculation.
Tools & Tips

2 Years Into IFRS 16 Adoption: Lessons Learned

by Moshe Freedman, CPA | September 5th, 2021

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

ASC 842 Disclosure Requirements & How to Avoid Common Pitfalls

by Moshe Freedman, CPA | August 23rd, 2021

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

by Moshe Freedman, CPA | August 16th, 2021

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?

by Moshe Freedman, CPA | August 9th, 2021

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

by Lee Greene | August 2nd, 2021

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

by Moshe Freedman, CPA | June 7th, 2021

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

by Shoshi Goldstein | May 2nd, 2021

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

by Isaac Heller | December 19th, 2020

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

by Isaac Heller | November 5th, 2020

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