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The Effective Date of the new standard - date at which time all companies must follow the new lease accounting standard when preparing financial statements –is fiscal years beginning after December 15, 2018. As originally released, ASC 842 required companies to restate comparable years in their annual reports.
IFRS 16 is an International Financial Reporting Standard (IFRS) promulgated by the International Accounting Standards Board (IASB) providing guidance on accounting for leases. IFRS 16 was issued in January 2016 and is effective for most companies that report under IFRS since 1 January 2019. [1]
The FASB Conceptual Framework was established in 1973 as a comprehensible set of standards and rules intended to address and solve new emerging issues. The conceptual framework underlaid financial accounting by serving as the Board's reasoning behind its standards-setting decisions. [18] [19]
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Statements of Financial Accounting Concepts are a part of the FASB conceptual framework project. They set fundamental objectives and concepts that FASB will use in developing future U.S. generally accepted accounting principles (GAAP), however, they are not a part of the US GAAP. To date, 8 Concept Statements have been issued.
Measurement Focus and Basis of Accounting—Governmental Fund Operating Statements: Amendment of the Effective Dates of GASB Statement No. 11 and Related Statements—an amendment of GASB Statements No. 10, 11, and 13: June 1993: Amended by GASBS 34 and 63 and GASBI 6; Partially superseded by GASBS 34; 18.
Current Expected Credit Losses (CECL) is a credit loss accounting standard (model) that was issued by the Financial Accounting Standards Board on June 16, 2016. [1] CECL replaced the previous Allowance for Loan and Lease Losses (ALLL) accounting standard. The CECL standard focuses on estimation of expected losses over the life of the loans ...
These investments include a $10.6 million acquisition of two facilities with an initial cash yield of 9.9% via a new lease with a new operator and a $15.4 million mortgage to an existing operator ...