- In the Summer 2016 issue of NAIOP’s Development magazine, Phil Santarelli weighs in on how new guidance from the FASB will change how tenants account for leases in coming years.
- ASC 842 requires each separate lease to be classified at its commencement date, which is at the time that the lessee has the leased asset available for use.
- Baker Till talks with Bisnow about the complex tax implications facing the legal industry as they tackle unique build-outs, renovations, and the other space updates that impress, but don’t break the bank.
- The first step in applying ASC 842 is determining whether or not a contract, which is defined as an agreement between two parties which creates enforceable rights and obligations, contains a lease. Basically the contract contains a lease if it conveys the right to control the use of identified property or equipment for a period of time.
- FASB has issued a new standard for financial reporting of leases, ASU No. 2016-02, Leases (Topic 842), affecting companies that engage in leasing for assets such as real estate, vehicles & equipment.
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