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March 7, 2024

Understanding the different types of commercial leases and their accounting implications is a critical aspect of running a business, particularly when it involves real estate. As a lessee or lessor,...

January 15, 2024

An Asset Retirement Obligation (ARO) is a liability you must manage when handling long-lived physical assets. As a company or entity utilizing substantial infrastructure or equipment, you must consider the...

January 10, 2024

Practical expedients under ASC 842. With the introduction of ASC 842, the Financial Accounting Standards Board (FASB) significantly changed how you must account for leasing transactions on financial statements. This...

December 22, 2023

The year-end close process is a pivotal juncture for accounting professionals, and its significance is magnified within the specialized field of lease accounting. Far from a mere formality, this period...

December 15, 2023

The Incremental Borrowing Rate (IBR) plays a crucial role in lease accounting, especially for lessees. As a lessee, understanding this concept is essential for compliance with lease accounting standards like...

December 14, 2023

In the world of accounting, lease accounting journal entries hold a significant place when it comes to financial reporting. As an accountant or financial analyst, you should adhere to certain...

December 3, 2023

Lease Accounting For Finance Transformation: The finance landscape is undergoing a seismic shift, with finance transformation becoming a strategic necessity for organizations seeking agility and resilience. At the heart of...

November 17, 2023

The implementation of ASC 842 brings about changes to lease accounting standards that directly impact both lessors and lessees. As a lessor, understanding the implications of ASC 842 on your...

November 17, 2023

How does ASC 842 affect EBITDA? The adoption of ASC 842, the new lease accounting standard issued by the Financial Accounting Standards Board (FASB), has brought significant changes to the...

October 14, 2023

In the complex world of lease-related processes, it’s crucial for finance and accounting professionals to distinguish between lease management and lease accounting systems. These two distinct solutions serve unique purposes...

October 12, 2023

Lease accounting standards have significantly changed in recent years, resulting in new rules and calculations for right-of-use (ROU) assets and lease liabilities. Lessees and lessors must familiarize themselves with these...

October 12, 2023

Straight-line depreciation is a crucial concept in accounting, allowing businesses to spread the cost of an asset over its useful life. This method is widely used due to its simplicity...

September 27, 2023

In today’s business landscape, the finance and accounting sectors face mounting pressures especially with complex accounting. The dual demands of strict deadlines and ensuring accurate financial representation stretch accounting professionals...

September 14, 2023

In the world of finance and accounting, effective asset management for both fixed assets and leased assets is the cornerstone of revenue generation. However, it’s essential to understand that the...

September 14, 2023

In the realm of finance and accounting, the importance of lease amortization schedules is paramount. This strategic financial tool helps in structuring lease payments, ensuring transparent financial reporting, and staying...

September 1, 2023

In today’s evolving business landscape, CFOs and their teams face a myriad of challenges. Among these, are the challenges around lease accounting including lease modifications and reassessments. ASC 842 and...

August 30, 2023

Introduction For new finance leaders stepping into fresh roles, or for seasoned professionals gearing up for finance transformation, there’s an uncharted territory that promises significant returns: lease accounting. This realm,...

August 28, 2023

When we mention lease accounting software, the immediate association is with financial reporting. Given the complexities and ever-evolving standards like IFRS 16 and ASC 842, it’s no wonder that the...

lessee vs lessor
August 27, 2023

In this article, we explore lessee vs lessor intricacies of ASC 842. At Black Owl Systems, we constantly stay updated with the latest industry standards to ensure that our clients...

August 22, 2023

By Black Owl Systems The ever-evolving world of accounting has witnessed a plethora of changes, particularly for finance lease vs operating lease in lease accounting in lease accounting. With the...

June 23, 2023

The lease accounting standard ASC 842 and IFRS 16 requires a comprehensive and complex approach to accounting for leases that typical ERP and accounting systems are not designed to handle....

June 6, 2023

The implementation of ASC 842 and IFRS 16 has had a significant impact on the way that companies account for leases. Achieving compliance with these standards is essential for companies...

June 5, 2023

As the year end audit draws to a close, it is essential to take a critical look at your financial systems and processes. A review of your lease accounting systems...

November 3, 2022

For finance and accounting professionals adopting the lease accounting standard ASC 842, here’s an overview of the standards and some recommended implementation steps. Key Information Transition Options and Elections Management...

June 6, 2021

Lease accounting regulations are only a few years old and many companies have scrambled to find a solution to comply with these new financial reporting obligations.  Just as these companies...

March 5, 2021

Enterprise Resource Planning (ERP) software is a suite of applications that allow businesses to integrate and manage their key back office business and financial processes. ERP systems run the back...

February 23, 2021

One thing we hear from prospective clients who use Excel to perform their lease accounting is “we just have a few leases and do our calculations manually.” For some of...