lease-deferrment

Accounting for Lease Concessions Due to COVID-19

The COVID-19 pandemic has created significant economic hardships for individuals and businesses. As a result, some have received concessions related to the payment of lease obligations. The Financial Accounting Standards Board (FASB) has issued a Q&A document to provide guidance regarding the accounting for these scenarios. Because the effective date of the new lease accounting…

non-profit-keyboard-with-key

New Not-for-Profit Disclosure Requirements Provide a Clearer Picture

The new disclosure requirements set by ASU 2016-14 require not-for-profits to do extra work in preparing their financial statements.  These disclosures provide the benefit of providing a more transparent perspective of how an organization’s financial picture really looks.   ASU 2016-14 requires the following changes to financial statement presentation and disclosures: Net assets are no…