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Tag: Lease

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

Written on . Posted in Assurance, State & Local Tax Services, Tax.

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

Written on . Posted in Uncategorized.

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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New Leasing Standards: Key Elements of Changes Adopted by FASB

Written on . Posted in General Business.

By Erin Silkowski Your company’s operation might rely heavily on leasing equipment or property as a way of using assets without the burden of purchasing or disposing of them when no longer needed. Due to changes adopted by the Financial Accounting Standards Board, many of these lease agreements that take place off the balance sheets will soon find their way on to them. As a result, it is essential to familiarize yourself with the upcoming changes sooner rather than later to avoid...

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How to Avoid Risk and Stay Lean in the 2015 Construction Boom

Written on . Posted in Construction.

By Wiss Associate Historically, the U.S. construction industry trails the economy by about a year. So when the economy tanks, the industry hangs on by finishing existing projects. And when things begin to improve, construction firms lag while investments are made, new projects are green-lighted and contracts are signed. Today, the economy, from the viewpoint of the construction industry, is 80 to 90 percent back to where it was before the recession. So now it’s time to figure out...

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