Changes to GAAP Benefits Public Companies Installing Cloud-Based Technology
Under an update to the U.S. GAAP, public companies have an opportunity to spread out the costs of setting up higher cost business systems that operate on cloud technology.
Lease Accounting: Simplifying the discount rate debacle
Discount rates need to be captured when implementing the new lease accounting standard. The guidance for non-public companies is more lenient than that for public companies but requires significant consideration as the date approaches.
The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2018-11 Leases – Targeted Improvements (“ASU 2018-11”). The most significant impact is relief in the comparative reporting requirements for initial adoption.
3 Steps to Prevent Costly Implications From New Lease Accounting Standards
If you are a business owner or CFO, be aware of the new lease accounting standard. If your leases mature after Jan. 1, 2019, your bottom line could be affected unless you act now.
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