Thomson Reuters Checkpoint Releases Report on FASB's Proposed Accounting Standards for Leases
by Terri Eyden on
Thomson Reuters has released an overview of the Financial Accounting Standards Board's (FASB) proposed accounting standards for leases.
The report is designed to help accounting practitioners prepare their business clients for adoption of the Proposed Accounting Standards Update No. 2013-270, Leases (Topic 842), a revision of the 2010 proposed FASB update.
"The proposed changes are a seismic shift in lessee accounting for operating leases," says Anne-Lise Vivier, senior analyst at Thomson Reuters and author of the report. "All leases would be required to be capitalized, which would have a significant impact on reporting and documentation requirements for lessee preparers."
The Thomson Reuters Checkpoint report, which features concise descriptions and analyses, can be downloaded online at no charge.
The report covers topics such as:
- Scope of the new guidance on leases
- Definition and classification of a lease
- New accounting models for lessees and lessors
- Measurement of lease transactions
- Presentation and disclosure provisions
- Sale and leaseback transactions
The report is an example of the practical, insightful information available on Thomson Reuters Checkpoint, the industry-leading and award-winning online service that provides research, news, analysis, and productivity tools to tax, audit, accounting, legal, trade, and finance professionals.
Thomson Reuters also offers guidance and training on lease accounting standards. Continuing professional education on this topic includes: Proposed Changes in Accounting for Leases & Other Significant Proposals and Accounting for Leases. Guidance offerings include: Accounting and Auditing Update Service, GAAP Reporter with FASB Codification, PPC's Guide to Real Estate, and PPC's Practice Aids for Real Estate.
Source: June 10, 2013, Thomson Reuters Press Release
You may like these other stories...
IRS must take oath on Lerner emails: judgeMackenzie Weinger of Politico reported on Thursday that a federal judge ordered the IRS to explain under oath how it lost emails connected to Lois Lerner, the ex-IRS official at the...
Credit Suisse says pension assets at risk unless court delays sentencingJohn Letzing of the Wall Street Journal reported on Wednesday that Credit Suisse Group AG says its management of billions of dollars in assets for...
The prospect of International Financial Reporting Standards (IFRS) being fully adopted in the United States in the near future are growing less likely, as the Financial Accounting Standards Board (FASB) and the International...
Upcoming CPE Webinars
Hand off work to others with finesse and success. Kristen Rampe, CPA will share how to ensure delegated work is properly handled from start to finish in this content-rich one hour webinar.
FRF for SMEs Series--Statement of Cash Flows, Subsequent Events, Related Party Issues, Accounting for Investments including Consolidations, Part 4A
This webcast will cover the preparation of the statement of cash flows and focus on accounting and disclosure policies for other important issues described below.
We can’t deny a great divide exists between the expectations and workplace needs of Baby Boomers and Millennials. To create thriving organizational performance, we need to shift the way in which we groom future leaders.
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.