Challenges in keeping up with GAAP have never been greater, with pervasive changes in revenue recognition requirements set to hit most private companies this year, to be closely followed next year by getting most leases on the balance sheet for the first time. These confusing standards, along with the usual host of less widespread financial reporting changes, are daunting (to say the least). (more…)
ASC 842 - Leases, the OTHER New ASC
By Patrick Ngai, CPA, Audit Manager
ASL Technology Group
When ASC 842 – Leases (“ASC 842”) was first published in 2016, the effective date for non-public entities was scheduled for 2020. The date seemed so far away that most people took the, “we will cross that bridge when we come to it” approach. To be fair, most people were too concerned about the new revenue recognition standard (ASC 606) to worry about anything else. (more…)