Recently the men and women at the Financial Accounting Standards Board (FASB) have been busy providing accountants with no shortage of nighttime reading. In the middle of putting the accounting world on its head with the release of the new Revenue Recognition (Topic 606) and Lease (Topic 842) Accounting Standards, the Not-For-Profit Advisory Committee has been hard at work re-tooling the way nonprofits will have to present their financial statements. (more…)
Just in time for the holidays…
Although it’s not “official” yet, FASB voted on November 11th to proceed with a ballot draft of a new leasing standard that has been under consideration for a decade. This means that deliberations have concluded (decisions have been made) and the final FASB vote should occur in early 2016. When that happens, it’s “official”.
As the FASB and the IASB slowly inch through their long-standing leasing project that will, in all likelihood, move all leases longer than one year to the balance sheet, it doesn’t mean that current GAAP requirements for leases don’t present some challenges, even for simple office facility leases.