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Tag: Lease Accounting

Wiss and NetLease by Netgain partner to increase efficiency for ASC 842 lease accounting audits 

Netgain offers easy audit solution   Denver, CO, May 4, 2022 – The new lease accounting standard went into effect on Jan. 1, 2019 for public companies and on Jan. 1, 2022 for private and not-for-profit companies. Wiss spent two years evaluating different solutions and needed a lease accounting software solution in anticipation of the 2022 audit season.  Paul Peterson, Managing Partner, Wiss, reached out to Netgain, to evaluate NetLease for Auditors, their lease accounting product...

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Lease Accounting: The path to compliance extended another year

by Dino Zicopoulos The Financial Accounting Standards Board (FASB)’s Accounting Standards Update (ASU) 2016-02 (Topic 842, Leases), issued in 2016, brought changes to the way companies account for leases on their balance sheets. Recently, however, due to COVID-19, the implementation of this standard was deferred for private companies by another year and is now effective for private companies with fiscal years beginning after December 15, 2021—effectively for companies with calendar...

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