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Read about ASC 842 & other lease accounting topics
Financial Data Extraction in Accounting and Advisory Firms
Financial data extraction is a key part of financial data analysis. It’s the first step in the...
Featured Blogs
A Complete Guide to ASC 842 Journal Entries: ASC 842 with Examples
In this blog, we took the concepts about which we get the most questions and provided examples and thorough walkthroughs of how to deal with them correctly and easily.
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Finance vs Operating Leases: What’s the Difference?
Let’s start with some basic definitions and then jump into the nitty gritty, answering questions..
Accounting for GASB 87 and GASB 96
GASB 87 and GASB 96 are similar, yet very different. Both share the characteristic of further..
Lessor vs Lessee: What’s the Difference?
Navigating leases can be a challenge, especially when it comes to distinguishing between a lessee...
Capital Lease vs Finance Lease: What’s the Difference?
Let’s get one thing straight: the term capital lease is on its way out.
What are Right of Use Assets?
What is a Right of Use Asset? A right of use asset, or ROU, is a lessee’s right to use an asset...
Future Ready CPAs: Embracing Process Automation for Sustainable Growth
The accounting landscape is rapidly evolving. Technology, client expectations, and market dynamics...
What is Lease Abandonment?
What is lease abandonment? Is it similar to lease impairment? How do you account for an abandoned...
Simplifying Lease Accounting: How LeaseCrunch’s IFRS 16 Software Solutions Save Time and Ensure Compliance
IFRS 16 is the most significant change to international lease accounting in the past 30 years, so...
A Complete Guide to ASC 842 Journal Entries: ASC 842 with Examples
There’s no two ways about it: Lease accounting can seem very confusing. But when you have experts...
Using the Straight-Line Method of Expense in Lease Accounting
First things first: Let’s set some definitions straight, because straight-line expense is different...
Initial Direct Costs Under ASC 842: The Complete Guide
Properly identifying Initial direct costs is an important part of lease accounting under ASC 842....
The Secret to Effective Lease Management
Let’s set something straight before we dive into the ins and outs of effective lease management:...
The Ultimate GASB 87 Implementation Guide
You might know what GASB 87 is, but when it comes to making your lease accounting practices GASB 87...
Operating Lease vs Finance Lease: What’s the Difference?
The Financial Accounting Standards Board changed the lease accounting game forever when they...
Webinar Recap: Understanding GASB 96 and SBITA Examples
Recently, LeaseCrunch held a live webinar discussing the definition, exclusions, and implementation...
What is GASB 87? Everything You Need to Know
Lease accounting gets increasingly complicated with each new accounting standard introduced by the...
What is GASB? The Complete Guide
The Governmental Accounting Standards Board, or GASB, was established in 1984 in order to create...
Accounting for GASB 87 and GASB 96
GASB 87 and GASB 96 are similar, yet different. Both share the characteristic of further...
Unlocking the Future of Accounting: Key Insights from BDO Alliance Evolve Conference
At LeaseCrunch, we're always on the lookout for the latest trends and insights shaping the...
Lease Transition Guidance for the New Standards
Do you have lingering questions about transition leases and current lease accounting standards? In...
The Guide to Prepaid Expenses: Accounting, & Journal Entries
When you have a lease agreement, lessees and lessors usually decide upon dates for when payments...
Fixed vs Variable Lease Payments: ASC 842 Lease Accounting
When it comes to fixed and variable lease payments, ASC 842 can make things a little sticky. There...
Rent Accounting for ASC 842: Prepaid Rent, Journal Entries, and More
Getting paid ahead of time or paying in advance is always a perk.
Deferred and Accrued Rent Under ASC 842
Deferred and accrued rent are somewhat related in that they both have to do with some element of...
Commercial Lease Types Explained: Triple Net vs Gross Lease + More
Single net, double net, modified gross, oh my!
Does the ASC 842 Cumulative Effect Adjustment Affect Equity? With Examples
What Exactly is the Cumulative Effect Adjustment? The cumulative effect adjustment is an adjustment...
Accounting for ASC 842 in Your Cash Flow Statement
What is the Statement of Cash Flows for 842? The statement of cash flows provides key information...
The Complete Guide to ASC 842 Month-to-Month Leases
What are ASC 842 Month-to-Month Leases? What is the Term of a Month-to-Month Lease? Accounting for...
What is Sale and Leaseback?
A sale and leaseback agreement is a transaction where the seller of an asset becomes the lessee and...
When the New Lease Standard Goes Into Effect and Other Key Dates
In February of 2016, the Financial Accounting Standards Board proposed a new lease accounting...
What Are the Disclosure Requirements Under GASB 96?
The Governmental Accounting Standards Board (GASB) Statement No. 96, known as GASB 96, has ushered...
What is the Lease Discount Rate?
Navigating the complexities of lease accounting can be a daunting task, especially with the...
What Are the Three SBITA Stages of Implementation?
In today’s rapidly evolving digital environment, many organizations have implemented new...
GASB 96: Understanding SBITA in 2024
As the apparent need for new accounting guidelines arises, accounting organizations work around the...
What is Incremental Borrowing Rate?
Before we define what an incremental borrowing rate (IBR) is, let’s do a brief overview of two of...
From Spreadsheets to Lease Accounting Software: Leave it in the Past
You’ve probably heard a lot about spreadsheets in relation to lease accounting. Perhaps after your...
Webinar Recap: Understanding GASB 96 & SBITA Examples
On March 29th, LeaseCrunch held a live webinar discussing the definition, exclusions, and...
FASB Amends the New Lease Standard: ASU 2018-11
Updated on April 10, 2023: The first amendment in this update allows for private and certain...
Leasehold Improvements Accounting and Amortization Under US GAAP
Leasehold improvements and lease incentives sound like they would be incredibly similar things when...
3 Reasons Lease Incentives are Important
Lease incentives: They sound straightforward. It’s just an incentive to sign a lease, right? Sort...
Readiness Assessment: How Ready Are You for the New Lease Standard?
After FASB’s proposed delay at their April 8, 2020 meeting, the new lease standard will likely go...
Help Clients With Policy Decisions in the New Lease Standard
Policy elections that must be made under the new lease accounting standard are a critical part of...
How Do I Know If My Lease Has Multiple Lease Components?
Lease accounting is applied at the lowest asset component. As a result, after you have identified...
Advantages of Using Software to Implement the New Lease Standard
Implementing the new lease standard is complex if you try to do it in spreadsheets, even for...
What Qualifies as a Lease under the New Lease Standard?
What is Considered a Lease Under ASC 842? Not all arrangements qualify as a lease under the new...
Off-Balance Sheet Financing (OBSF) Under the New Accounting Standards
Back in the early 2000s, there was an energy-trading and utility company named Enron. Based out of...
Observations: Possible delay of New Lease Standard Implementation
Written by Ane Ohm on Tuesday, August 6, 2019 It’s been a couple of weeks since the FASB announced...
Why Public Companies Shouldn’t Use Spreadsheets for Lease Accounting
If your public company clients use spreadsheets to maintain their leases, you know what a pain...
The Hidden Costs of Clients Using Spreadsheets to Implement ASC 842
If your clients use spreadsheets to maintain their leases, you know what a pain they can be....
6 Reasons to Implement the New Lease Standard ASAP
FASB’s proposal to once again delay implementation of the new lease standard by one year for...
How Do I Help Clients Start Preparing for the New Lease Standard?
Your clients are hopefully well aware that implementation of the new lease standard is just around...
5 FAQs About Embedded Leases
#1: What is an Embedded Agreement? A single agreement can have multiple aspects to it that require...
Lease Accounting Software: What to Look For
The new lease standard is a complex one, with many complicated factors involved in making the...
ASC 842 Disclosure Requirements: What Lessees Need to Know
ASC 842 disclosure requirements are an important part of complying with the new lease standard....
Understanding Practical Expedients for Lease Accounting
The new lease accounting standards can be very complicated.
5 Mistakes to Avoid When Implementing the New Lease Standard
The new lease standard is more complicated than companies expect and therefore often...
Lease Commencement Dates and What They Mean for Lessors and Lessees
When a lease “starts”, is it the same thing as a lease “commencing?” Is the initial start date of a...
Lease Accounting Discussion Surges at CPAmerica A&A Conference
CPA firm independence, related party leases and the old debate between spreadsheets vs. software…...
The Secret to Effective Lease Management
Let’s set something straight before we dive into the ins and outs of effective lease management:...
Help Clients While Maintaining Independence
As a CPA, you know the importance of maintaining independence while working with your clients. At...
What Does IFRS 16 Do?
IFRS 16 is the most significant change to international lease accounting in the past 30 years, so...
What is the GASB 87 Effective Date?
In May 2020, the Governmental Accounting Standards Board postponed the implementation date for the...
FASB Proposes Discount Rate Update for Private Companies & Nonprofits
On September 15, 2021, the Financial Accounting Standards Board (FASB) proposed an update to ASC...
Calculating a Lease Amortization Schedule
Deathly afraid of lease amortization? Don’t even know where to begin?
The Footnote Disclosure for ASC 842
The footnote disclosure for the new lease standard enables financial statement users to assess the...
ASC 842: Transitioning Leases Update
When changes to accounting standards impact assets and liabilities, we are accustomed to also...
Asset Retirement Obligation: Why It’s Important & How to Account for It
Asset retirement obligation is a policy that was started by the Financial Accounting Standards...
Checklist: How to Identify Embedded Leases
While embedded leases are not a new concept in accounting, they are now receiving a lot more...
LeaseCrunch Announces New Agreed-Upon Procedure Report
As discussion and concern around implementing the new lease standard increased this year, there was...
Key Takeaway from CPAmerica’s Leading Partner/Large Firm Group Meeting
How are you helping your clients implement the new lease accounting standard, and what are they...
What is the Financial Accounting Foundation?
In the world of accounting, there is a triumvirate of organizations that continually define and...
Maintain Independence while Implementing the New Lease Standard
LeaseCrunch Helps CPA Firms Maintain Independence while Implementing the New Lease Standard
Avoid Post-Busy Season Burnout with an Easy Head Start on ASC 842
I get it: the 2021 audit season is probably the craziest busy season your CPA firm has ever seen.
Why Did GASB 87 Replace GASB 62? A Guide to Accounting Pronouncements
There have been over 90 separate GASB statements released by the organization since its inception...
GASB 87 Implementation Date—Start Preparing Today
GASB 87 is effective for fiscal years beginning after June 15, 2021, and all reporting periods...
How Much Time Will You Save with Lease Accounting Software?
When it was time for public companies to implement the new lease accounting standard, many opted...
Don't Delay, Start Preparing for the New Lease Standard Today
The Financial Accounting Standards Board met on November 10, 2021 and decided not to further defer...
Top Takeaways from the FASB’s Recent Lease Standard Activities
Read the original article posted on Accounting Today. As we wrap up an unpredictable year, let’s...
Recent PCC and SBAC Meeting Takeaways
The Private Company Council (PCC) and the Small Business Advisory Committee (SBAC) recently met and...
CPA Firm Independence and Technology: Complying with AICPA Guidelines
When a CPA firm attests to the accuracy of a client’s financial statements, maintaining...
Lease Accounting Software: Pricing Considerations
How much does lease accounting software cost? As your firm examines the work involved with...
FASB proposes another delay for lease standard amid COVID-19 crisis
On Wednesday, April 8, 2020, the Financial Accounting Standards Board (FASB) met to discuss the...
Lease Concessions and COVID-19: What You Need to Know
Since the outbreak of the COVID-19 pandemic in March 2020, CPA firms are seeing a large increase in...
Key Takeaways from the CPAmerica A&A Conference
With the new lease standard implementation date approaching, how are firms helping and encouraging...
FASB Votes Yes on Lease Standard Implementation Delay
As we all expected, the Financial Accounting Standards Board (FASB) voted today that the new lease...
Considerations for Firms Managing Audit Fee Pressure During a Pandemic
Read the original article posted on Accounting Today. Fall can be a busy time of year. In public...
What we Learned at AICPA ENGAGE 2021
It was great being in Las Vegas at ENGAGE last week! We enjoyed the conversations and insights we...
John Hepp Discusses Leases Between Related Parties
Update March 27, 2023: The first amendment in this update allows for private and certain...
Defining and Identifying Embedded Leases
One of the trickier aspects of the new lease standard is the concept of embedded leases. Like many...
Meet Your Updated General Ledger Accounts Under the New Lease Standard
The new lease standard requires you to account for leases differently on your financial statements,...
ASC 842: Transitioning Leases and Why Equity Likely Isn’t Affected
When the changes in an accounting standard impact assets or liabilities, we are accustomed to the...
What We Want to See Happen With the New Lease Standard in 2019
Update: On April 8, 2020, FASB proposed to delay implementing the new lease standard for non-public...
Ask the Expert: John Hepp Discusses the New Lease Standard
Important note: This is a judgment-based standard, which means there are few hard-and-fast rules...
CPA Playbook for Talking to Clients About the New Lease Standard
Have you spoken with your clients about the new lease standard? How many clients have begun...
How the New Lease Standard Affects CAM Accounting
The new lease standard, ASC 842, changes the treatment of common area maintenance (CAM) within a...
What Can CPA Firms Do Now about the New Lease Standard?
While the new lease standard is obviously about accounting for leases, there are broader...
Separating Lease and Nonlease Components
Not all costs related to a lease are included in the leased asset and liability. For example, a...
Top Lease Accounting Guides from Deloitte, PwC, KPMG
The new lease standard is coming and preparation is critical for a smooth implementation. This is...
Why Is There A New Lease Standard? ASC 840 vs 842
The new U.S. lease standard, ASC 842, is required for public companies starting their fiscal year...
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