Category Archives for "FASB"

ASC 842: The New Compliance Deadline for Private Companies and How You Can Prepare

By Meredith Beasley | ASC 842

In mid-October of 2019, the Financial Accounting Standards Board (FASB) approved the August 2019 proposal to delay the effective dates of some of its major accounting standards. Included on the list was the ASC 842 lease accounting compliance date for privately help companies with domestic leases. Moving forward, these companies have until January 1, 2021 to meet the compliance standard.

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FASB Lease Accounting Checklist – Are You Compliant?

By Guy Gray | FASB

Certain dates are difficult to remember. Your wedding date, your work anniversary and even your birthday can slip your mind from time to time — with various repercussions for each. Some are unforgettable, such as the exact hour and minute your favorite sports team won its first championship. For commercial real estate professionals, there’s one upcoming date you definitely don’t want to forget:

• If you’re a public company, that date is December 15, 2018.
• If you’re a private company, that date is December 15, 2019 (for fiscal years beginning after that date) or December 15, 2020 (for interim periods within fiscal years beginning after that date)

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Will Lease Software Help Me with the New FASB Regulations?

By Guy Gray | FASB , Lease Software

The right software can help you efficiently do a lot of things, from personal budgeting and event planning to travel forecasting and bowling pin juggling. (OK, maybe not that last one.) This is especially true for commercial real estate professionals, as the right software can help with things like navigating new FASB regulations. Considering the updates take effect in late 2018/early 2019 (depending on your organization type), it’s important to prepare for them and see if they impact any of your existing leases.

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Will FASB Cause Me Headaches with My Lease Administration?

By Guy Gray | FASB

Several things in life give us headaches. Stress. Loud noises. Eating too much ice cream. Extended visits from the in-laws. You get the idea.

When it comes to commercial real estate professionals, however, recent FASB accounting standards updates can have you envisioning the worst migraine of all time on the horizon. (Specifically, late 2018 or early 2019, depending on the type of your organization.) You’re likely asking yourself, “Will FASB cause me headaches with my lease administration?” The answer depends on how you’re doing it.

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Why FASB Lease Standard Compliance Software Can Make Your Life Easier

By Guy Gray | FASB

In our daily lives and culture there certainly doesn’t seem to be a shortage of anecdotes on the affects of change.  From the not so enlightening but succinct “change is good” to the somewhat less optimistic “change is painful” these short but sweet quips manage to neatly encapsulate how we feel about any kind of deviations from our daily routine.

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FASB Basics

By Guy Gray | FASB

Unless you’ve been ignoring the news, blog posts, or have generally been living on a rock on a deserted desert island in the middle of an ocean somewhere, you have probably heard that the regulator/watchdog that is the Financial Accounting Standards Board (or the FASB for brevity’s sake) issued it’s long anticipated Accounting Standard update last year. While there was an initial furor of press coverage, substantive analyses went by the wayside given that implementation wouldn’t occur until December, 2018 at the earliest and December, 2019 for certain types of companies. Why do today what you can put off until tomorrow…

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What Impact Has the New FASB Leasing Standard Had on CRE Professionals?

By Guy Gray | FASB

Look, we get it. As a busy CRE professional you may have read a few articles, taken a quick glance, and maybe even gotten a hot second’s worth of advice on the new FASB Leasing Standard. However, once your accountant, lawyer or other professional let you know that as a commercial real estate professional your direct impact was minimal you probably hung up the phone and got back to doing business.

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