Mind the GAAP and Wipfli recently wrote a short letter to the FASB highlighting a potential disclosure quirk affecting private companies adopting ASC 842, Leases, on a cumulative-effect basis. The firms have asked the FASB to issue a narrow scope amendment to address the issue.
Discussions at a recent IFRS Interpretations Committee highlight that international and U.S. practitioners may be interpreting new U.S. GAAP and IFRS leasing guidelines differently.
The FASB’s New Guidelines and Their Effect on Leasing Arrangements (a Mind the GAAP/Moss Adams Publication)
In this guide, we focus on how the new lease accounting rules in ASC 842 apply to lessees…