Private companies: Are you on track to meet the 2022 deadline for the updated lease standard?

Updated accounting rules for long-term leases took effect in 2019 for public companies. Now, after several deferrals by the Financial Accounting Standards Board (FASB), private companies and private not-for-profit entities must follow suit, starting in fiscal year 2022. The updated guidance requires these organizations to report — for the first time — the full magnitude […]

Blockchain Beckons Businesses … Still

The term and concept known as “blockchain” is hardly new. This technology surfaced more than a decade ago. Bitcoin, the relatively well-known form of cryptocurrency, has gotten much more attention than blockchain itself, which is the platform on which Bitcoin is exchanged. One might be tempted to think that, having spent so many years in […]

Lease or Buy? Changes to Accounting Rules May Change Your Mind

The rules for reporting leasing transactions are changing. Though these changes have been delayed until 2021 for private companies (and nonprofits), it’s important to know the possible effects on your financial statements as you renew leases or enter into new lease contracts. In some cases, you might decide to modify lease terms to avoid having […]

Get ready: New lease rules for GAAP-compliant companies

Does your construction company follow U.S. Generally Accepted Accounting Principles (GAAP)? If so, there’s an important deadline coming up later this year that you should start thinking about right now. For annual periods beginning after December 15, 2019, and for interim periods beginning a year later, GAAP-compliant companies must begin following the Financial Accounting Standards […]

Let’s talk about leases: New accounting standard to usher in significant changes

If your construction company leases assets and it follows U.S. Generally Accepted Accounting Principles (GAAP), an important development occurred earlier this year. The Financial Accounting Standards Board (FASB) issued its long-awaited update revising the appropriate treatment of leases on financial statements: Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). Affected construction companies should start […]