- So far in this series, we have discussed how to identify a lease in a contract and how to classify a lease (as operating or finance type) based on the terms of the lease contract. In this article, we discuss the initial recognition and measurement of leases and how re-measurement is made when changes occur in the contract during the estimated initial period of the lease.
- ASC 606 presents major changes to the manner in which companies account for revenue. Join Baker Tilly as we delve into the third webinar on revenue recognition: performance obligations.
- With this article, we explore the promise the customer makes with respect to the transaction price.
- FASB issued guidance on accounting for credit losses - current expected credit losses (CECL) standard, with ASU 2016-13 Financial Instruments (Topic 326)
- ASC 842 requires each separate lease to be classified at its commencement date, which is at the time that the lessee has the leased asset available for use.
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