An important decision around lease accounting for privately-held companies recently took place. FASB voted unanimously on July 17, 2019 to propose delaying the effective date of ASC-842 for privately-held companies, nonprofits, and small reporting companies.
What it Means - The delay allows for an additional year – until January 2021 - for privately-held companies to integrate the rules into their accounting practice. The lease accounting standards for public companies went into effect January 2019.
Are you “reasonably certain” you have FASB lease requirements solved?
Fischer’s ManagePath™ platform meets and reports on all the FASB lease requirements for:
Real Estate Leases
Any Lease or Owned Asset
Additionally, ManagePath™ provides the following solutions for Lease Accounting:
Automatically determine lease types
Calculate the right-of-use asset and lease liabilities
Generate journal entries
Easily handle operating and finance lease calculations
Execute mass updates to your existing schedules
Track one-time and recurring charges for AP and AR
Have automatic generation of space allocation for business unit-specific GAAP schedules
Automate GAAP reporting and deferred rent process
Have dual support for FASB and IASB reporting
Check out our FASB Page for more information.