The bankruptcy process can be a long and difficult one. In the current economic climate, with many businesses facing financial difficulties, more and more companies are finding themselves forced to file for bankruptcy or reorganize. This can be a daunting task, but it may be the best way for businesses to get back on their feet.
The growing concern around the previous lease guidance, Accounting Standards Codification (“ASC”) 840, has finally been addressed as the Financial Accounting Standards Board released its long-awaited leasing standard, ASC 842, Leases, in February 2016. The main criticism of the previous lease guidance is that it… Read More »The Basics of ASC 842, Leases
What you need to know: London Interbank Offered Rate (LIBOR) ends on December 31, 2021. ASU 2020-04 – Reference Rate Reform (Topic 848) provides temporary optional expedients and exceptions to the US GAAP guidance on contract modifications and hedge accounting. The ASU is effective immediately… Read More »360° Approach to Libor Transition
On June 3, 2020, the FASB issued an Accounting* Standards Update (ASU) 2020-05, Revenue from Contracts with Customer (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities. It provides a one-year deferral of the effective dates for certain entities in applying the new… Read More »Financial Accounting* Standard Board(FASB) Defers Effective Dates For Revenue Recognition and Leases Standards
