Just 26.3 percent of public company executives report their implementation of the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board lease accounting standards is complete, according to a June 2019 Deloitte...
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September 17, 2019, 07:17 AM
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Fleet Advantage President and Chief Financial Officer Brian Holland, is presenting at this year’s Equipment Leasing and Finance Association’s (ELFA) 57th Annual Convention in Phoenix. Holland is addressing the Tax Reform and FASB accounting changes...
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October 16, 2018, 07:05 AM
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As the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) lease accounting standards' effective date for U.S. publicly traded companies nears on Jan. 1, 2019, executives continue to indicate concern over...
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August 02, 2018, 06:55 AM
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PowerPlan, a lease accounting software firm, has announced a strategic technology partnership with LEVERTON, an AI-based document and data abstraction platform. The partnership, which involves the product integration of PowerPlan and LEVERTON, allows...
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June 01, 2018, 07:00 AM
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Accruent, a provider of physical resource management solutions, has expanded the verification process of its lease accounting and administration solution with respect to the new FASB and IASB lease accounting standards with software testing conducted...
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May 10, 2018, 07:05 AM
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LeaseAccelerator announced that it was recognized as one of 2017’s top 10 Financial Reporting Solution Providers in the latest edition of CFO Tech Outlook. The annual list of companies has been selected by the panel of experts and members of CFO Tech...
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October 13, 2017, 07:00 AM
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Accruent announced that Jamba Juice, healthy lifestyle brand and global leader in handcrafted blends, will manage its large retail store portfolio with Accruent’s lease administration software. The new FASB/IASB standards are the most sweeping...
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September 15, 2017, 07:05 AM
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Accruent announced that it has acquired Plano, Texas-based Lucernex, Inc.Lucernex is a leading, global provider of cloud-based, Integrated Workplace Management Systems (IWMS), including advanced solutions for organizations in any industry seeking...
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August 10, 2017, 07:06 AM
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A year and a half after the issuance of the Financial Accounting Standards Board’s (FASB) and International Accounting Standards Board’s (IASB) respective new lease accounting standards and a year and a half before compliance begins for U.S.-based...
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August 07, 2017, 08:14 AM
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BDO USA, LLP, one of the nation’s leading accounting and consulting organizations, and CoStar Real Estate Manager, a division of CoStar Group, Inc. and a leading lease management software provider, announced a strategic alliance under which BDO and...
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November 02, 2016, 07:07 AM
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Just 9.8 percent of more than 5,400 financial and accounting professionals say their companies are prepared to comply with the new Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) lease accounting...
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June 07, 2016, 07:07 AM
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LeaseAccelerator announced the results of a market readiness survey for the new lease accounting standards. The first research study to be completed since the Financial Accounting Standards Board (FASB) announced ASU 2016-02 (ASC 842), surveyed...
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May 13, 2016, 07:06 AM
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LeaseAccelerator announced a new release featuring updated functionality to support the new lease accounting standards introduced by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). With...
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April 19, 2016, 07:00 AM
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CHP Consulting has published the final version of its authoritative whitepaper on changes in international lease accounting standards.The fully revised Lease Accounting Reform: The Systems Impact for Asset Finance Lessors reflects the final standards...
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March 25, 2016, 07:15 AM
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The Equipment Leasing and Finance Association (ELFA) has released a host of new user-friendly tools to help lessors and lessees prepare for new lease accounting rules issued recently by the Financial Accounting Standards Board. The association is...
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March 02, 2016, 07:10 AM
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The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) intended to improve financial reporting about leasing transactions. The ASU affects all companies and other organizations that lease assets such as real...
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February 26, 2016, 07:18 AM
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Ralph Petta, President and CEO of the Equipment Leasing and Finance Association, released the following statement regarding the new lease accounting standard issued by the Financial Accounting Standards Board (FASB):“We welcome the release of the new...
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February 26, 2016, 07:17 AM
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The Equipment Leasing and Finance Association has announced two new opportunities for lessors to learn about forthcoming changes to the lease accounting standard: a one-hour web seminar on Feb. 9 and a one-day workshop on March 2. Both events are...
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January 21, 2016, 07:04 AM
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The International Accounting Standards Board® (the Board) issued a new accounting Standard, called IFRS 16 Leases. It replaces accounting requirements introduced more than 30 years ago that are no longer considered fit for purpose and is a major...
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January 15, 2016, 07:30 AM
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The Financial Accounting Standards Board (FASB) voted to proceed with a new accounting standard that would require companies and other organizations to include lease obligations on their balance sheets. The final Accounting Standards Update (ASU) is...
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November 12, 2015, 07:30 AM
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The International Accounting Standards Board (IASB) is in the process of finalizing a new International Financial Reporting Standard (IFRS) that will require companies to bring leases onto the balance sheet. On March 16, 2015, it published a...
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March 17, 2015, 07:03 AM
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CHP Consulting has produced a newly updated whitepaper on changing standards in lease accounting, to address the latest output from the IASB and FASB. The fully revised Lease Accounting Reform: The Systems Impact for Asset Finance Lessors reflects...
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October 21, 2014, 07:06 AM
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The Equipment Leasing and Finance Association has selected John Bober, Global Technical Controller for GE Capital, to receive its 2014 Distinguished Service Award. The award honors individuals who have made significant contributions to the...
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September 09, 2014, 07:00 AM
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According to the Wall Street Journal, U.S. and international accounting rule makers are getting closer to a final version of thier proposed lease accounting overhaul, but the two boards are unlikely to use the same lease expensing model in their...
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August 11, 2014, 06:50 AM
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Full U.S. adoption of International Financial Reporting Standards (IFRS) appears unlikely to occur in the intermediate-term as the major accounting standard setters continue to move away from full convergence of their standards, according to a Fitch...
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July 09, 2014, 06:37 AM
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According to a report in the Journal of Accountancy, FASB and the IASB are still struggling to find common ground in their efforts to create a converged standard for financial reporting on leases.During a Tuesday meeting at FASB’s headquarters in...
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March 20, 2014, 07:00 AM
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Additional complexities for accountants who deal with a large number of operating leases will arise from the IASB’s proposals says the Global Forum for Corporate Reporting.
Proposals to change the way in which leased assets are accounted for, put...
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September 16, 2013, 06:55 AM
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Lessees and Lessors are Encouraged to Submit Comment Letters by the September 13th Deadline CG Commercial Finance (CGCF) released an animated video outlining the issues and implications related to lease accounting changes proposed by FASB and IASB...
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September 06, 2013, 06:50 AM
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The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) formally announced plans to create a joint transition resource group focused on the upcoming final converged standard on revenue recognition. The...
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July 29, 2013, 07:01 AM
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Reuters reported that the U.S. Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) found little common ground during a meeting held on Tuesday to help shield taxpayers from further bank bailouts despite...
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July 24, 2013, 06:58 AM
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Fitch Ratings expects lessors to face significant challenges in applying the new rules, but the impact on economic fundamentals in the leasing industry will be limited.Off-balance sheet treatment, which would end for most lessees under the terms of...
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July 18, 2013, 06:59 AM
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On July 9, ELFA's lease accounting team—members Rod Hurd, John Bober and Bill Bosco and Chief Operating Officer Ralph Petta—met at the offices of the Financial Accounting Standards Board in Norwalk, Conn., to discuss the lease accounting Exposure...
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July 15, 2013, 06:58 AM
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The FASB and the IASB will host several joint public roundtable meetings on their revised joint proposals on leases that were published in May 2013: the revised proposed FASB Accounting Standards Update, Leases (Topic 842), and the IASB Exposure...
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July 03, 2013, 07:02 AM
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The Equipment Leasing and Finance Association will hold a web seminar, “Changes in Lease Accounting: Analysis and Implications for Your Business,” on Thursday, June 27, 12:30pm-2pm ET. The web seminar will analyze the lease accounting Exposure Draft...
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June 05, 2013, 07:03 AM
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According to an article posted on the Journal of Accountancy, IASB Chairman Hans Hoogervorst on Thursday acknowledged the converged lease accounting proposal is bound to be unpopular with many companies.The report states that in a telephone...
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May 17, 2013, 07:14 AM
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William G. Sutton, CAE, President and CEO of the Equipment Leasing and Finance Association, today released the following statement regarding the exposure draft published by the Financial Accounting Standards Board (FASB) and the International...
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May 16, 2013, 10:10 AM
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The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) today published for public comment a revised Exposure Draft outlining proposed changes to the accounting for leases. The proposal aims to improve...
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May 16, 2013, 07:24 AM
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The Journal of Accountancy reported that FASB decided Wednesday to move forward with a re-proposal on financial reporting for leases that will be converged with that of the International Accounting Standards Board (IASB).According ot the report, the...
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April 12, 2013, 07:19 AM
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The Financial Accounting Standards Board (FASB) voted to extend the comment deadline for its proposal to improve financial reporting about expected credit losses on loans and other financial assets held by banks, financial institutions, and other...
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March 29, 2013, 07:14 AM
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The IASB and the FASB discussed questions that have been raised about the Boards’ tentative decisions regarding sale and leaseback transactions; issues on how a lessee would account for leases under the single lease expense (SLE) approach; and issues...
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September 24, 2012, 06:33 AM
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CFO.com reports the new lease accounting proposal agreed upon by the FASB and IASB is still getting pummeled by finance executives. Ralph Petta, chief operating officer at the Equipment Leasing and Finance Association (ELFA) notes that the boards’...
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September 20, 2012, 07:14 AM
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The Equipment Leasing and Finance Association (ELFA) has announced it may withdraw its support for the proposal to develop a new lease accounting standard, calling the current proposal “fraught with difficulties.” In a letter to the Financial...
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September 05, 2012, 10:00 AM
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CFO.com reported that companies that lease equipment could see their profits shrink in the early years of a contract under the new proposed Financial Accounting Standards Board’s (FASB) and International Accounting Standards Board’s (IASB) June 13th...
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July 18, 2012, 07:29 AM
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Leaseurope, the European Federation representing the leasing and automotive rental industry, is pleased to see that the Boards have officially communicated on the next steps in their Leases project. The timeframe should provide the leasing industry...
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June 15, 2012, 08:00 AM
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The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) today agreed on an approach for accounting for lease expenses as part of a project to revise lease accounting in International Financial Reporting...
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June 14, 2012, 07:50 AM
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The Wall Street Journal reported U.S. and international accounting rule makers are readying to vote on a method for how new lease accounting rules will impact corporate earnings in June, resulting in a new draft of the rules being potentially...
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May 25, 2012, 08:00 AM
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In the latest developments on the Financial Accounting Standards Board (FASB)/International Accounting Standards Board (IASB) Leases Project, the Boards have conducted outreach meetings with the main objective of changing the lessee cost pattern. At...
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May 03, 2012, 07:30 AM
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The latest FASB/IASB Lease Accounting Project meetings on February 28 and 29 had as the main objective changing the lessee cost pattern to straight line similar to current GAAP. The reason for the continued work on the lessee cost pattern is that...
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April 27, 2012, 05:30 AM
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CHP Consulting has published the second in a series of thought leadership pieces on the IASB and FASB’s overhaul of lease accounting.Lease Accounting Reform: The Systems Impact for Asset Finance Lessors summarizes the key features of the proposals so...
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March 26, 2012, 06:30 AM
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In a new paper on lease accounting, “Are All Leases Created Equal?”, Grant Thornton LLP discusses the FASB’s and IASB’s current thinking on lease accounting. The Boards have tentatively decided on a single model for lessors (the receivable and...
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March 09, 2012, 06:30 AM
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In the February 28, 2012 FASB/IASB Joint Board Meeting, the FASB and the IASB discussed lessee accounting and, in particular, different methods of amortizing the right-of-use asset. They also discussed any consequences that a change to the lessee...
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March 02, 2012, 08:30 AM
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A coalition of several leading nonprofit and commercial organizations, including the U.S. Chamber of Commerce, released a report today that examines the economic impact of the International Accounting Standards Board (IASB) and Financial Accounting...
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February 17, 2012, 07:30 AM
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