In recent years, both the FASB and GASB have developed new leasing standards. While both standard-setters wrote their standards at essentially the same time and place, they came to different conclusions in certain key areas. However, one key area where both the FASB and GASB are in alignment is that to have a lease you […]
Displaying: August 2020
FASB Simplifies Accounting for Convertible Debt and Other Financial Instruments
One of the more complex areas of financial reporting is accounting for convertible debt. Under current GAAP, there are 5 different accounting models which could apply, based on the facts and circumstances of the debt conversion feature. Each of these models have different accounting outcomes, ranging from the debt with the conversion feature being recorded […]
Three Considerations for June 30, 2020 Financial Reporting
As entities with June 30, 2020 year-end reporting dates prepare their financial statements for the first time post the COVID-19 pandemic, they will need to address the many potential financial reporting issues which have arisen as a result of the economic fallout of COVID-19. The financial reporting implications of actions which entities have taken in […]
The Truth About Working Remotely
Studies show that remote workers are more productive than their counterparts at the office. Though this finding may have seemed counter-intuitive to some before the new pandemic related normal of working from home, many companies are now embracing it and contemplating the large-scale reduction of expenses. Much to the vexation of commercial landlords, office supply […]