Accounting for Leases – a Ticking Clock for All Companies

Accounting for Leasespic

Accounting for Leases
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Robert M. Tarola, CPA, CGMA and President of Right Advisory LLC, provides insights on the new lease accounting standard. All US and most non-US companies must adopt a new lease accounting framework over the next one-to-two years. That framework requires the recording of assets and liabilities for all leases greater than one year in duration. Previously “off-balance sheet” leases will need to be analyzed, documented and remeasured for accounting purposes.

The challenge to do so can be daunting. Companies will have to identify, catalogue, assess and calculate a new lease liability for financial reporting. In essence, moving footnote information onto the balance sheet. And these calculations can be complex.

It is important for companies to begin the process now. And where leasing is significant, consider the tools and time needed to get it done right. In most companies this will likely require specialized lease administration software as well as a dedicated team to complete the project.

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Digital Financial Statements are Important to Investors and Should be Audited

Technology is driving change in financial reporting. Where once financial statements would be read like a book, they are now being consumed digitally through standardized tagging supported by regulators throughout the world. That trend is increasing as regulators move to a “digital-only” reporting framework.

The problem is that the digital financial statements are not (yet) required to be audited – despite a groundswell of interest by investors and analysts. The auditing profession is encouraged by investor advocacy groups to determine how best and to quickly assume responsibility for digital financial statements.

What do you think?

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Accounting for Leases – A Ticking Clock for All Companies

All US and most non-US companies must adopt a new lease accounting framework over the next one-to-two years. That framework requires the recording of assets and liabilities for all leases greater than one year in duration. Previously “off-balance sheet” leases will need to be analyzed, documented and remeasured for accounting purposes.

The challenge to do so can be daunting. Companies will have to identify, catalogue, assess and calculate a new lease liability for financial reporting. In essence, moving footnote information onto the balance sheet. And these calculations can be complex.

It is important for companies to begin the process now. And where leasing is significant, consider the tools and time needed to get it done right. In most companies this will likely require specialized lease administration software as well as a dedicated team to complete the project.

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Stay tuned for additional information on lease accounting and services to assist your company with implementation.

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The American Kidney Fund Holds Its 2017 National Gala

 

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The American Kidney Fund’s Summer Enrichment Program

Robert Tarola leads Right Advisory LLC as the Washington, DC-based consulting firm’s president. Outside of his professional pursuits, Robert Tarola serves as treasurer on the national board of trustees of the American Kidney Fund. Mr. Tarola has lived over 32 years with a transplanted kidney from his brother.

In pursuit of its mission to support patients fighting kidney disease, the American Kidney Fund (AKF) oversees a range of programs that provide health education and direct financial assistance. The organization also conducts a program that helps fund summer enrichment activities for children with kidney problems.

AKF’s Summer Enrichment Program provides financial assistance that enables kids in need to attend a summer camp of their choice. Funds supplied through the program, which are limited to $200 per child, can be used to pay for camp tuition, transportation, and supplies.

The program is open to applicants currently undergoing dialysis as well as those who have had a kidney transplant within the last five years. Applicants must also demonstrate financial need based on factors such as income, family size, and liquid assets.

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Robert Tarola Scheduled to Speak at Western CPE 2014 Industry Professionals Conference

Robert Tarola to speak at “Western CPE 2014 Industry Professionals Conference” on February 24, 2013 from 10:30am-1:10pm regarding Risk Management. Conference dates are: February 24 – February 28, 2014. Please see link for additional information: http://www.westerncpe.com/wcm/_Conferences/2013_Conferences/2014_Industry_Professionals_Conference.aspx?WebsiteKey=3220d5ac-cd44-4f72-87b8-5820b3736590&hkey=45d1fec5-6995-4283-82a9-ae81df565ea0&Tabs=2

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Right Advisory LLC Launches New Website

Right Advisory LLC is pleased to announce the launch of its new enhanced website, stated Robert M. Tarola, president. Right Advisory’s new site provides a more comprehensive source of company information and services such as important links, testimonials and current news. Please visit www.rightadvisory.com today

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