Tag: FASB

FASB Lease Accounting and Your Business

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  The Financial Accounting Standards Board, usually referred to by its initials — FASB — makes the rules for how companies in the United States do its books. Over the years, FASB’s standards have differed from those set by the International Accounting Standards Board (IASB) for use in other countries. As the world economy continues […]

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New FASB– Part Five

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In the last installment of our 5 part new FASB series, I’ll outline the new procedures for balance sheet offsetting, revenue recognition, comprehensive income and multiemployer pension plans. Once again, I want to congratulate you on making it through the arduous task of reading about these changes—and don’t worry, if your eyes glazed over or […]

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New FASB– Part Four

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Part Four starts off with a little summary on the impairment changes, goes through the lessor accounting model and ends with a brief outline on insurance contracts. During their discussions, FASB and IASB came up with a “three bucket” expected loss approach for impairment of financial assets. They are as follows: Bucket 1 holds assets […]

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New FASB– Part Three

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You’ve made it this far, so I’m not going to bore you with any more quips about FASB or their new regulations—it’s already boring enough. Onto business, then. Lessees will use the incremental borrowing rates at the lease commencement to calculate the amount capitalized. Leases with interim funding will have deferred and amortized earnings on […]

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New FASB Rules– Part Two

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So you made it through Part One and were curious enough to move on to Part Two? I commend your bravery. In this article, I’ll continue outlining the expected changes FASB is working on implementing. This will include modifications in: lessee profit and loss pattern, purchase options, variable payments, residual guarantees, short term leases, and […]

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New FASB Rules– Part One

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Are you ready for the new FASB rules? If you’re like 99% of us, the answer is probably no. But the deadline is fast approaching and we are all running out of time to get organized and prepared. As most of you have probably heard, the new FASB is designed to make companies more transparent—especially […]

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