This report is one of a series on the adjustments we make to convert GAAP data to economic earnings. Reported earnings don’t tell the whole story of a company’s profits. They are based on ...
NEW YORK - JANUARY 31: The former Philip Morris office building, now called Altria, is shown January 31, 2003 in New York City. The company changed names to Altria at a recent shareholder's meeting ...
Rochester Institute of Technology adopted the Financial Accounting Standards Board (FASB) new accounting guidance on leases FASB Accounting Standards Codification Section 842 ("ASC 842") on July 1, ...
FASB Accounting Standards Codification (ASC) Topic 842, Leases, issued in February 2016, marked a significant overhaul in the financial reporting of long-term leases. Its adoption created many ...
The new standard requiring all leases longer than 12 months to be recorded on balance sheets is now in effect for nonpublic companies with a fiscal year beginning after Dec. 15, 2021. Processing ...
Are You Ready? Reporting Changes for Leased Equipment Will Hit Private Manufacturers’ Balance Sheets
A change is coming for private manufacturing companies: new accounting rules that will, on average, more than double the average liability balance. The new lease accounting rules codified under ASC ...
Lease accounting is becoming more complex and detailed for private companies and not-for-profit entities. Business valuations may also be impacted by the new standard. Effective in fiscal years ...
Joe Purvis, CPA, has taken a different tone with his not-for-profit clients this year with respect to lease accounting. For the past several years, each time Purvis’s not-for-profit clients have asked ...
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