FASC 842: Lease Accounting
Beyond Standard: Lease Accounting Solutions That Drive Results
For more than 30 years, the lease accounting model stood stagnant. But then, in 2016, the Financial Accounting Standards Board (FASB) issued new guidance and changed the playing field.
New lease accounting standards ASC 842, GASB 87, and IFRS 16 demand precision in lease identification, classification, and reporting. GBQ delivers streamlined, compliant processes that transform complex requirements into strategic advantages, ensuring accurate financial statements and risk mitigation.
Our specialists design and implement robust lease accounting frameworks tailored to your portfolio, whether managing real estate, equipment, or embedded leases. We centralize lease data, automate calculations, and integrate with your ERP systems to eliminate errors, reduce administrative overhead, and support timely compliance. With GBQ, turn lease accounting from a compliance burden into a driver of efficiency and insight.
Lease Accounting Simplified
New lease standards have introduced a tremendous amount of work for your business. GBQ's lease accounting team deploys a streamlined implementation approach backed by cloud-based lease accounting software designed for CPA firms.
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Our Focus
- GBQ conducts a diagnostic assessment of existing arrangements with customers, focusing on material transactions or impact.
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Keeping It Simple
- Our team focuses on accounting process updates (templates, controls, etc.) while emphasising the importance of simplicity and "plain English" terminology.
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Repeatable Standards
- GBQ is committed to empowering our clients with the training and education needed to succeed. Therefore, we will work hand-in-hand with your team to ensure control is repeatable and understood by personnel going forward.
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Individualized Approach
Your business is as unique as the people you hire and the communities you serve. Your lease accounting services provider should understand these nuances and should be able to identify opportunities and make meaningful and proactive business-minded recommendations. When you work with GBQ, you can expect a responsive and custom approach to the engagement that keeps your needs front and center.
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Cloud-Based Solutions
GBQ forms strategic alliances with providers that are capable of further easing the burden on our clients. LeaseCrunch simplifies complex lease standards with automated quantitative footnote disclosures, worry-free calculations, and step-by-step wizards. What's more, the software solution is cost-effective, whether you're responsible for one lease or thousands.
Manage your entire portfolio efficiently in one unified interface.
Key implementation considerations
- Define a lease
- Exceptions
- What is included in the cost of right-of-use assets
- Types of leases
- Capitalized operating leases
- Finance leases
- Financial statement impact
- Transition issues
- Guidance for new leases
- Tax considerations
- GAAP vs. other basis of accounting
- Lessor accounting
