Lease Accounting
Changes are ahead in the reporting of real estate leasing costs on financial statements, and corporations are scrambling to meet the upcoming deadline. ASC 842 will require companies to put their lease obligations on the balance sheet as a liability and asset (“Lease Liability” and “Right of Use Asset”). During the process of conforming to the new standards, companies are also discovering this is an opportunity to transform their business with improved systems and processes that can result in cost reductions and better efficiencies. From a simple capitalization of lease obligations to a full overhaul of accounting systems, Hughes Marino is helping companies prepare for the accounting changes ahead.
Interested in learning more? Set up a chat with our lease accounting experts to talk about other success stories.
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Commercial Lease Insights
Private Companies Prepare for Upcoming Lease Accounting Changes
Ed Muna | Commercial Lease Insights
February 12, 2019
In less than a year, private companies will need to implement a new accounting standard for the reporting of lease obligations. The new standard, ASC 842, was issued by the Financial Accounting Standards Board (FASB) in 2016 and goes into effect in January 2020 for private companies. ASC 842 now requires lessees to record lease obligations that are longer than one year on the company’s balance sheet as a Lease Liability and a Right-of-Use Asset. Prior to the change, these obligations were only recorded on the income statement.
Read More
A New and Significant Tax May be on the Horizon for California Businesses
Michael Muna | Commercial Lease Insights
February 7, 2019
An effort is underway and gaining momentum in California to overhaul the current property tax system which will result in billions of dollars in taxes on the backs of businesses. Already one of the costliest states in the nation to conduct business, this tax...
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New Lease Accounting Standard Has Finance Departments Scrambling
Ed Muna | Commercial Lease Insights
March 26, 2018
With the required implementation of new lease accounting standards around the corner, real estate and accounting departments across the country are working feverishly to prepare for the new Financial Accounting Standards Board (FASB) Rule, ASC 842.
Read More
Lease Accounting Changes and the Challenges Ahead
Michael Muna | Commercial Lease Insights
November 13, 2017
Changes are ahead in the reporting of real estate leasing costs on financial statements, and corporations are scrambling to meet the upcoming deadline. During the process of conforming to the new standards, these companies are also discovering this is an opportunity to transform their...
Read More