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, ...

In December, new accounting standards for reporting leases are scheduled to go into effect. The intention: To more accurately portray leases’ implications for a company’s financial health. Under the ...

Operating leases have long been a common mechanism for companies to access and use assets without owning them outright. Historically, many of these leases were kept off the balance sheet, limiting ...

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 ...

With the first year of the new lease accounting standards implementation complete, organizations find themselves at a critical juncture — the commencement of "day two" accounting. While the initial ...

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 ...